Question: (c) Briefly explain the following internal control classifications; i) Detective Control ii) Preventive Control iii) Corrective Control

(c) Briefly explain the following internal control classifications; i) Detective Control ii)

(c) Briefly explain the following internal control classifications; i) Detective Control ii) Preventive Control iii) Corrective Control

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Chapter 14 discusses the nature of problem recognition and how it fits into the consumer decision process. Read Case 4-3: Nissan Goes After the Dog Lover Niche (p. 678) to answer the following...

Q:

Need help answering these two problems. Question 2 (12 points) Excel Problem Report 2 Create the following validation rule in a spread sheet before entering the numbers the spreadsheet There should...

Q:

Which of the following internal control components sets the ethical tone of an organization? Control environment Control activities Risk assignment Monitoring Verifying transactions is an example of...

Q:

The following information pertains to the questions below. Council fraud check like using a rubber band to drive a Mercedes, ICAC hears Malcolm Brown October 21, 2011 A check that had been available...

Q:

(a) Your audit client is concerned with the overpayment of overtime in the payroll system on some of its construction projects. You have recommended that the client implement the following internal...

Q:

Editing Required: Match the letter next to each definition with the appropriate term. Each answer will be used only once. 1. Check digit 2. Upstream resubmission 3. Exposure 4. Control register 5....

Q:

Answer is full and 100 correct 1 podio Control over the contendentes Decision Point, Le Point of Good com.ng/loching portion of Milestones estones or to the sees canto stones can be specified in...

Q:

Question 1 Which of the following internal control frameworks is considered a methodology used to review key business objectives, risks involved in the business objectives, and the internal controls...

Q:

Kindly provide original answers QUESTION ONE a) Give four merits of using a flowchart to record an accounting system. (4 marks) b) Explain how an Internal Control Evaluation Questionnaire (ICEQ)...

Q:

Handout #4 Learning objectives addressed by this exercise: Chapter 4-Learning Objective(s) 3 and 5 1. The following are six situations that involve the audit risk model as it is used for planning...

Q:

(1 pt) Convert the integral below to polar coordinates and evaluate the integral. 5//2 25 y xy dx dy [ove Instructions: Please enter the integrand in the first answer box, typing theta for 0....

Q:

Refer to the information for Dunn Products Inc. in Problem 11-45B. In problem The income statement for Dunn Products Inc. is presented below. The following balance sheet changes occurred during the...

Q:

find two functions f and g so that ( f o g ) ( x ) = h ( x ) if h ( x ) = sqrt ^ 5 ( 3 x - 8 )

Q:

The management of Dunham Manufacturing Company has asked for your assistance in deciding whether to continue manufacturing a part or to buy it from an outside supplier. The part, called Tropica, is a...

Q:

What is a legitimacy lie? In the case of a startup, how can an entrepreneur use PRO factors to win the confidence of potential customers, partners, etc. and avoid resorting to the telling of...

Q:

Honey Dews Company produces organic honey, which it sells to health food stores and restaurants. The company owns thousands of beehives. No direct materials other than honey are used. The production...

Q:

Air FranceKLM (AF) , a French company, prepares its financial statements according to International Financial Reporting Standards. AFs annual report for the year ended March 31, 2011, which includes...

Q:

Doover Company produces organic honey, which it sells to health food stores and restaurants. The company owns thousands of beehives. No direct materials other than honey are used. The production...

Q:

the inventory. R \ &B has 2 5 0 working days per year, and the lead time is 5 days. Identify the following aspects of the inventory policy. ( a ) economic order quantity ( round your answer to the...

Q:

Sales Prices of Homes A real estate agent believes that the median sales price of new privately owned one-family homes sold in the past year is $198,000 or less. The sales prices (in dollars) of 10...

Q:

Credit Card Charges In order to estimate the median amount of new credit card charges for the previous month, a financial service accountant randomly selects 12 credit card accounts and records the...

Q:

What is a nonparametric test? How does a nonparametric test differ from a parametric test? What are the advantages and disadvantages of using a nonparametric test?