Question: We can classify a company's control procedures into three major types: preventive controls, detective controls, and corrective controls . What is the difference between prventive

We can classify a company's control procedures into three major types: preventive controls, detective controls, and corrective controls.

What is the difference between prventive controls, detective controls and corrective controls?

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:

B ) Avoid emotionalism C ) Keep communication lines open D ) Keep the system simple 6 9 What type of software secretly collects personal information about users and sends it to someone else without...

Q:

Assume you are the management accountant for the Foleo Group and Tracey Chen has asked you to assist her in assessing the organisations internal control environment before her meeting with Peter...

Q:

Assume you are the management accountant for the Foleo Group and Tracey Chen has asked you to assist her in assessing the organisations internal control environment before her meeting with Peter...

Q:

For the following terms find the correct definition below. Each definition is used only once there are two terms that are not used. Managing an organization in a fair, transparent and accountable...

Q:

1) One of the most important responsibilities of an employer is the hiring and retention of employees. Which of the following situations reflects the current market scenario? a. High turnover, low...

Q:

1. Based on SOX, which of the following sections is about internal controls? Multiple Choice a] 302 b) 906 c] 401 d) 4-04 2. SOX requires companies to use COSO or COSO ERM as the framework in...

Q:

____ 25. Customer fraud includes all of the following EXCEPT: a. Get something for nothing. d. Deceive organization into giving them something they should not. b. Do not pay for goods purchased. e....

Q:

Could I get the answers to the multiple choice section of this? Thanks! Chapter 11 Introduction to Internal Control Systems True-False Questions 1. Controls that specifically encourage operating...

Q:

The scribes of ancient Egypt were the forerunners of today's accountants. a. True b. False Possible Exam 1 Questions Chapter 1: 3. The scribes of ancient Egypt were the forerunners of today's...

Q:

ACC 640 Keystone Case Study Engagement Overview Keystone Inc., a listed company on a U.S. stock exchange (publicly traded) in the United States, is looking to expand. XBroker was seen as a potential...

Q:

Cathy needed a report by next Tuesday that outlined in general terms how procurement could assist in improving the companys competitive position. Describe what procurements role might be in new...

Q:

A company sells a product for $100, with a cost of goods sold of $60. The company incurs $20 in selling and administrative expenses per unit. The company also has $100,000 in fixed costs. How many...

Q:

What is ( are ) the role ( s ) of a syndicate when handling a provincial issue? Offer advice. Manage the issuance process. Underwrite the issue. All of the above.

Q:

MC Qu . 0 4 - 2 2 A manager at the plant... A manager at the plant has a good sense of humour. When his team is under stress, he will make a joke that has everyone laughing and feeling more...

Q:

=+would you use if a major client wanted you to demonstrate your CSR commitment?

Q:

=+5. Have a look at this article by Timothy Ogden (http://www.millermccune.com/business_economics/ computer-error-1390).317 What are some of the criticisms of OLPC?

Q:

=+Do you think it is an effective way of improving the education of children in developing countries?