Name a preventive control, detective control, or corrective control you had developed or experienced or read...

Name a preventive control, detective control, or corrective control you had developed or experienced or read about.

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Expert Solution

1. Preventive control- Preventive controls are the measures that are taken to prevent the error or fraud or any unfavourable event.

A preventive control that is experienced is, keeping important assets, documents and records under lock or under proper authority or supervision. This is done to prevent any theft or misuse of assets and records.

2. Detective control - Detective controls are the measures which detect any error, fraud or accident. Best example of detective control is the alarm system or sirens embedded in ATM machines whenever any theft or burglary takes place. It helps to know the authorities that theft is taking place.

3. Corrective control - Corrective controls are the compensatory measures which are taken to correct the error or fraud which has taken place. Example of corrective measure is revising the financial statements after knowing the prior period errors. This is to correct and present the financial statements properly.

ekkarill92 answered 1 year ago

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