What is the difference between preventive controls and detective controls? Give an example of each.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Preventive controls are designed to keep misstatements from occurring whereas d...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Question Posted:
Students also viewed these Auditing questions
-
Describe the difference between preventive controls and detective controls. What are examples of each?
-
Give an example of each type of standard? a. Numerical standards b. Monetary standards c. Physical standards d. Time standards e. Intangible standards
-
What is the difference between sunk costs and differential costs? Give an example of each.
-
While you may not work for a large corporation, there is merit to the notion that the organization must speak with one voice and speak quickly in a crisis. What forces (tradition, practice, and...
-
Consider the probability space ((, A, P), and let A1,..., An be independent events with P(Ak) = p, k = 1, ..., n. Next, define the function X : ( ( as follows: X(() = the number of A1,..., An...
-
You are given the following hypotheses: We know that the sample standard deviation is 8 and the sample size is 20. For what sample mean would the p-value be equal to 0.05? Assume that all conditions...
-
How can a global retailer ensure that they adapt to conditions in an overseas market while retaining their unique features and value proposition? LO1
-
Irene contributes land to Micro Development Partnership for a 30% interest. The land's basis is $20,000, and it has a fair market value of $80,000. Micro reports a net operating loss of $100,000 for...
-
Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2009 by two talented engineers with little business training. In 2021, the company was acquired by one of...
-
Aeration and sludge recirculation have been practiced for many years at municipal and industrial water treatment plants. Aeration is used primarily for the physical removal of gases or volatile...
-
What is the purpose of risk assessment for an entity
-
What are tests of control activities?
-
A cross-functional team at Mazzor Systems is developing a new product using the target costing methodology. Product features in comparison to competing products suggest a price of $2,800 per unit....
-
Identify whether the following statements are true or false: a. U.S. GAAP is universally accepted in all countries in the world. b. U.S. GAAP is established by the IASB. c. Once established, U.S....
-
Determine the missing amount in each of the following cases: Assets Liabilities $190,000 $62,000 ? $53,000 $115,000 ? Stockholders' Equity ? $31,000 $61,000
-
For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column: A B C Beginning Assets. $45,000 $32,000 $53,000 ? Liabilities.. 32,000 15,000 49,000...
-
On December 31, Greg Jones completed his first year as a financial planner. The following data are available from his accounting records: a. Compute Greg's net income for the year just ended using...
-
The Benson Company has collected the following production cost data: {Required:} What would be the incremental production costs for an additional 10 units after the Benson Company has produced 8...
-
What is the earnings yield on a stock?
-
What is the difference between the straight-line method of depreciation and the written down value method? Which method is more appropriate for reporting earnings?
-
Consider the ball and beam system [10] shown in Figure 5.132, in which \(I\) and \(I_{\mathrm{b}}\) are the mass moments of inertia of the beam and the ball, respectively, \(m\) is the mass of the...
-
For each of the following specific audit procedures, indicate the type of audit procedure it represents: (1) Inspection of records or documents, (2) Inspection of tangible assets, (3) Observation,...
-
For each of the audit procedures listed in Problem 5- 32, identify the category (assertions about classes of transactions and events or assertions about account balances) and the primary assertion...
-
Evidence comes in various types and has different degrees of reliability. Following are some statements that compare various types of evidence. a. A bank confirmation versus observation of the...
-
A company sells two products. Assuming the same sales mix as shown below, how many units of Product A must be sold to breakeven? Product A Product B Total Units 100,000 150,000 250,000 Sales $300,000...
-
South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2015 2016 Liabilities and Shareholders' Equity 2015...
-
When the investor pays $100,000 to acquire 40% of a company's outstanding voting shares at a time when the fair value of the company's net assets are $175,000, the resulting goodwill amount is...
Study smarter with the SolutionInn App