Question: Explain the purpose of (a) preventive controls and (b) detective controls. Why would it be important for an entity to have both types of controls?

Explain the purpose of (a) preventive controls and (b) detective controls. Why would it be important for an entity to have both types of controls?

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Controls have two main objectives to prevent or detect misstatements in the financial statements or to support the automated parts of the business in ... View full answer

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