Identify the different types or classes of internal controls. How do internal controls over financial reporting (ICFR) differ from the other types or classes of internal controls? The main purpose of internal controls is to prevent, detect, and correct potential errors or fraudulent activities within the business. "Internal controls refer to those measures and procedures designed and implemented by an entity's board and management, to improve operational efficiency, financial reporting, compliance objectives and expectation of key stakeholders in matters of safeguarding assets and investments" (Lartey, Kong, Bah, Santosh, & Gumah, 2020). According to the University of Florida, the three basic categories are preventative, detective, and corrective control. An effective process of internal control in a company must combine all three types of controls. Preventative control's objective is to reduce the chances of error before anything fraudulent occurs (University of Florida, 2024). Detective controls are designed to locate or find errors after the transaction has occurred (University of Florida, n.d.). Corrective controls are actions taken to rectify the problem and to prevent it from happening again. Internal controls over financial reporting focus on the procedures to ensure precision and reliability of the company's financial statements. Other internal controls supervise other company's areas to improve and maximize efficiency and risk management