--%>

Explain Audit Controls

Audit Controls: The common definition of an audit is a valuation of a person, association, system, procedure, enterprise, product or project. The word most generally refers to audits in accounting, internal auditing, and government auditing, however alike concepts too exist in the project management, water management, quality management, and energy conservation.

This simple perception is that controls can be stated in terms of three main categories.

Protective or Preventative - these controls serve to proactively define and probably enforce the adequate behaviors.

Detective - Detective controls are frequently thought of as "Audit Controls" although we do not require restricting them. Any control which performs a monitoring activity can possibly be stated as a Detective Control.

Reactive - Reactive or corrective controls usually work in response to the detective control, responding in such a manner as to alert or else accurate an unacceptable situation.

   Related Questions in Auditing

  • Q : Introduction of the term Internal Audit

    Give a brief introduction of the term Internal Audit and also write down the Role of Internal Audit?

  • Q : Explain Audit Controls Audit Controls :

    Audit Controls: The common definition of an audit is a valuation of a person, association, system, procedure, enterprise, product or project. The word most generally refers to audits in accounting, internal auditing, and government auditing, however a

  • Q : Marketing audit for goods and service

    Marketing audit for goods and service industry: This basic concept of marketing audit applies to both material goods and service industry. The marketing audit is a powerful tool with banking industry throughout world. Banking world to

  • Q : Audit A term usually referring to a

      A term usually referring to a financial audit is a set of procedures performed by accountants from a certified public accountant (CPA) firm. The procedures are designed to investigate and verify the accounting information that manage- ment puts in financial report. When the audit i

  • Q : Auditing Hi would you be able to finish

    Hi would you be able to finish this assignment before sunday 11 pm My chosen company is NORFOLK GROUP PTY LTD

  • Q : Flowchart find the flowchart to the

    find the flowchart to the bradmark sales order and cash

  • Q : Portfolio manager uses a T-bond futures

    1. A portfolio manager uses a T-bond futures contract to hedge a bond portfolio over the next 4 months. The portfolio is worth $75 million and will have duration of 5 years in four months. The futures price is 118 and each contract is for $200,000. There are three bon

  • Q : Bradmark From the case description and

    From the case description and the associated flowcharts, assess Bradmark’s internal controls over its expenditure cycle procedures.

  • Q : Differentiation between External and

    Elucidate the differentiation between External Audit and Internal Audit?

  • Q : Importance of internal audit to the

    Write down the importance of internal audit to the organization?