Question

Which control activity consists of access controls like passwords? Are auditors responsible for preventing fraud? Explain...

Which control activity consists of access controls like passwords?

Are auditors responsible for preventing fraud? Explain

Give a detailed example of one way management can create 2 of the 3 fraud conditions for it’s employees. examples

Can a control be preventative and detective at the same time? Explain why or why not. provide an example

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Answer #2

Internal control activities can be classified into three categories

  • Preventive controls
  • Detective controls
  • Corrective controls

preventive controls consists of access controls like password.

They provide protected access to asset storage areas,inventory and other financial information.

The primary responsibility of detecting fraud is that of management and auditors primary duty is to express an opinion on financial statements whether they are showing true and fair view.

Internalcontrols can be either preventive or detective.

Detectivecontrols are to detect an existing fraud or error.

Preventivecontrols are to prevent any probable defects in financial statements and operations.

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