What are the different types of internal controls?
An example of an AI chatbot conversation about types of internal controls in organizations.
What are the different types of internal controls?
Internal controls can be categorized into several types, including preventive, detective, and corrective controls.
Can you explain what preventive controls are?
Preventive controls are designed to stop errors or fraud before they occur, such as segregation of duties and authorization processes.
What about detective controls?
Detective controls identify and detect errors or irregularities after they have occurred, like audits and reconciliations.
And what are corrective controls?
Corrective controls are implemented to fix issues that have been identified, such as implementing new procedures or training.
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