What is the difference between preventive controls and detective controls? Give an example of each.
Answer to relevant QuestionsWhat are tests of control activities?What does a fraud perpetrator look like? How does one act?Why should a list of cash remittances be made and sent to the accounting department? Wouldn’t it be easier to send the cash and checks to the accountants so they can enter the credits to customers’ accounts accurately?What can an auditor find using net worth analysis? Expenditure analysis?Which of the following would the auditor consider to be an incompatible operation if the cashier receives remittances? a. The cashier prepares the daily deposit. b. The cashier makes the daily deposit at a local bank. c. The ...
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