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Question 1 (30%) Identify the most common internal control frameworks worldwide and present the key similarities and differen

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Answer #1

The most types of Internal control frameworks are:

a) Preventive b) Detective c) Corrective

a) Preventive: A preventive control mechanism is one which devices procedures such that certain unwanted events do not take place. This may be having units look after a system separately, proper documentation and control, proper maintenance of records, assigning duties to proper individuals, etc.

b) Detective: This method as name suggests is undertaken after an error has occurred and to correct them. In a financial organisation, it may imply to reconciliation procedures and audits.

c) Corrective: These actions are undertaken to prevent recurrence of the errors. This is designed upon the errors that have taken place to better tackle them if they occur going forward.

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