What is an example of Preventive controls, detective controls, and corrective controls in a work enviroment?
What is an example of Preventive controls, detective controls, and corrective controls in a work enviroment?
Homework Answers
Preventive controls are policies and procedures designed to prevent an error or fraud from occurring. For example, a creditworthiness check on new customer orders prevents shipping goods and recognizing receivables in the balance sheet for which no full payment will be received.
Detective controls are controls put in place to detect or indicate that an error or a bad thing has happened. Examples of detective control activity include reconcilement of activities that have already occurred, such as bench reviews and periodic analysis of reports of transactions for discrepancies.
Corrective controls either fix an issue or return a system back to its original state before an event occurred. An example of a corrective control is a policy of deducting the amount of a cash drawer shortage from an employee's pay.
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What is an example of Preventive controls, detective controls,
and corrective controls in a work enviroment?
Chec Required: Identify each of the following internal controls as primarily a preventive, detective, or corrective...
Chec Required: Identify each of the following internal controls as primarily a preventive, detective, or corrective control. Type of Control Internal Controls a. Limit access to petty cash funds. Reconcile the petty cash fund before replenishing it Require two signatures on checks above a specified limit, Enable hidden flags or audit trails on accounting software. Examine credit card statements and corresponding receipts each month, independently, to determine whether charges are appropriate. Keep checks in a locked box or drawer and...
1. Identify each of the following controls as preventive, detective or corrective (NOTE, SOME MAY FALL INTO MORE T...
1. Identify each of the following controls as preventive, detective or corrective (NOTE, SOME MAY FALL INTO MORE THAN 1 CATEGORY) then, explain your answer: a. Separation of duties b. Camera system placed behind a cash register C. Background checks on all new employee hires d. Locking doors and windows at night e. Purchasing a fire insurance policy f. Preparing reconciliations for the cash account 2. Prepare the following petty cash entries: a. Company establishes a petty cash fund with...
How do you think that the selection of the appropriate preventative, detective and corrective controls applied...
How do you think that the selection of the appropriate preventative, detective and corrective controls applied in a specific situation or business operation should be guided by factors such as the legal obligations of the business, the contractual obligations of the business, the internal culture of the business and the costs of implementing each specific control versus the benefits derived from that control in terms of things such as dollar savings, legal or contractual compliance, goodwill or reputation.
Based on your understanding of preventative and detective controls, provide ane example of a preventative and...
Based on your understanding of preventative and detective controls, provide ane example of a preventative and a detective control for the revenue cycle.
Based on your understanding of preventative and detective controls, provide ane example of a preventative and a detective control for the revenue cycle.
How do you think that the selection of the appropriate preventative, detective and corrective controls applied in a spec...
How do you think that the selection of the appropriate preventative, detective and corrective controls applied in a specific situation or business operation should be guided by factors such as a) The legal obligations of the business b) The contractual obligations of the business c) The internal culture of the business d) The nature of the experience that it wants its customers to have e) The costs of implementing each specific control versus the benefits derived from that control in...
Ellen 84 Which preventive, detective, and/or corrective controls would best mitigate the follow- ing threats? a....
Ellen 84 Which preventive, detective, and/or corrective controls would best mitigate the follow- ing threats? a. An employee's laptop was stolen at the airport. The laptop contained personal in- formation about the company's customers that could potentially be used to commit identity theft. b. A salesperson successfully logged into the payroll system by guessing the payroll supervisor's password. c. A criminal remotely accessed a sensitive database using the authentication credentials (user ID and strong password) of an IT manager. At...
ractive Applications Internal controls vary significantly between organizations--depending on attributes like organization size, natur operations, and...
ractive Applications Internal controls vary significantly between organizations--depending on attributes like organization size, natur operations, and objectives. In all systems, however, a variety of controls needs to be designed to accomplish th organization's objectives. Controls are classified as preventive, detective, or corrective. Use your cursor to match each example to the type of control it describes. Segregation of duties Preventive Control Maintaining backups of data Detective Control A requirement to prepare bank reconciliations A requirement to prepare bank reconciliations Corrective...
A range of controls can be applied to hazard risks. One or more classifications of these...
A range of controls can be applied to hazard risks. One or more classifications of these controls is or are Select one a. none of the responses b. directive c deflective d. coercive A control classification designed stop undesirable outcomes are considered detective, Select one True False Which control response is implemented to deal with the most frequent and impactful hazards Select one O a Preventive b. Directive C. Corrective d. Detective Staff rotation and regular change of supervisors would...
9. Impact of occurrence of a risk depends upon? design and operational effectiveness of controls. directive...
9. Impact of occurrence of a risk depends upon? design and operational effectiveness of controls. directive and preventive controls. detective and corrective controls. Stress tests. The correct answer is ___ 10. Role of controls in mitigating risk depends upon: design and operational effectiveness of controls. directive and preventive controls. detective and corrective controls. scenario analysis. The correct answer is ___ 11. Which of the following would be operational risk manager’s MAJOR concern when a firm introduces major layoffs during a...
Compare and contrast a corrective action plan and a preventive action plan. Apply these ISO concepts...
Compare and contrast a corrective action plan and a preventive action plan. Apply these ISO concepts with at least one example of each within the discussion.
Chec Required: Identify each of the following internal controls as primarily a preventive, detective, or corrective control. Type of Control Internal Controls a. Limit access to petty cash funds. Reconcile the petty cash fund before replenishing it Require two signatures on checks above a specified limit, Enable hidden flags or audit trails on accounting software. Examine credit card statements and corresponding receipts each month, independently, to determine whether charges are appropriate. Keep checks in a locked box or drawer and...
1. Identify each of the following controls as preventive, detective or corrective (NOTE, SOME MAY FALL INTO MORE THAN 1 CATEGORY) then, explain your answer: a. Separation of duties b. Camera system placed behind a cash register C. Background checks on all new employee hires d. Locking doors and windows at night e. Purchasing a fire insurance policy f. Preparing reconciliations for the cash account 2. Prepare the following petty cash entries: a. Company establishes a petty cash fund with...
Based on your understanding of preventative and detective controls, provide ane example of a preventative and a detective control for the revenue cycle.
Based on your understanding of preventative and detective controls, provide ane example of a preventative and a detective control for the revenue cycle.
Ellen 84 Which preventive, detective, and/or corrective controls would best mitigate the follow- ing threats? a. An employee's laptop was stolen at the airport. The laptop contained personal in- formation about the company's customers that could potentially be used to commit identity theft. b. A salesperson successfully logged into the payroll system by guessing the payroll supervisor's password. c. A criminal remotely accessed a sensitive database using the authentication credentials (user ID and strong password) of an IT manager. At...
ractive Applications Internal controls vary significantly between organizations--depending on attributes like organization size, natur operations, and objectives. In all systems, however, a variety of controls needs to be designed to accomplish th organization's objectives. Controls are classified as preventive, detective, or corrective. Use your cursor to match each example to the type of control it describes. Segregation of duties Preventive Control Maintaining backups of data Detective Control A requirement to prepare bank reconciliations A requirement to prepare bank reconciliations Corrective...
A range of controls can be applied to hazard risks. One or more classifications of these controls is or are Select one a. none of the responses b. directive c deflective d. coercive A control classification designed stop undesirable outcomes are considered detective, Select one True False Which control response is implemented to deal with the most frequent and impactful hazards Select one O a Preventive b. Directive C. Corrective d. Detective Staff rotation and regular change of supervisors would...
Compare and contrast a corrective action plan and a preventive action plan. Apply these ISO concepts with at least one example of each within the discussion.
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