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GROUP $16$

Discuss the key prerequisites for effective control systems in organizations. In your answer, explain how clear objectives, measurable standards, feedback mechanisms, communication, and assigned responsibilities contribute to aligning organizational activities with planned objectives.

Additionally, differentiate between preventive and corrective controls, providing examples of each.

And, outline the requirements for an adequate control process, highlighting the importance of timeliness, accuracy, flexibility, understandability, and costeffectiveness$.$