PREVENTIVE, CORRECTIVE, DETECTIVE?

Question 1

PREVENTIVE, CORRECTIVE, DETECTIVE?

Segregation of Duties

Answer 1

Preventive

Question 2

PREVENTIVE, CORRECTIVE, DETECTIVE?

Authorization Controls

Answer 2

Preventive

Question 3

PREVENTIVE, CORRECTIVE, DETECTIVE?

Access Controls

Answer 3

Preventive

Question 4

PREVENTIVE, CORRECTIVE, DETECTIVE?

Employee Training

Answer 4

Preventive

Question 4

PREVENTIVE, CORRECTIVE, DETECTIVE?

Physical Controls: Securing physical assets and sensitive documents to prevent unauthorized access

Answer 4

Preventive

Question 4

PREVENTIVE, CORRECTIVE, DETECTIVE?

Policy and Procedure Manuals

Answer 4

Preventive

Question 4

PREVENTIVE, CORRECTIVE, DETECTIVE?

Pre-numbered Documents

Answer 4

Preventive

Question 5

PREVENTIVE, CORRECTIVE, DETECTIVE?

Implementing budgetary controls to ensure expenditures are within approved limits

Answer 5

Preventive

Question 5

PREVENTIVE, CORRECTIVE, DETECTIVE?

Implementing IT controls to restrict access to accounting software.

Answer 5

Preventive

Question 6

PREVENTIVE, CORRECTIVE, DETECTIVE?

Regularly maintaining and updating accounting software and systems to prevent technical issues

Answer 6

Preventive

Question 7

PREVENTIVE, CORRECTIVE, DETECTIVE?

Bank Reconciliation

Answer 7

Detective

Question 8

PREVENTIVE, CORRECTIVE, DETECTIVE?

Audits

Answer 8

Detective

Question 9

PREVENTIVE, CORRECTIVE, DETECTIVE?

Variance Analysis

Answer 9

Detective

Question 10

PREVENTIVE, CORRECTIVE, DETECTIVE?

Review of financial statements

Answer 10

Detective

Question 11

PREVENTIVE, CORRECTIVE, DETECTIVE?

Exception Reports

Answer 11

Detective

Question 12

PREVENTIVE, CORRECTIVE, DETECTIVE?

Physical inventory counts

Answer 12

Detective

Question 13

PREVENTIVE, CORRECTIVE, DETECTIVE?

Analytical Reviews

Answer 13

Detective

Question 14

PREVENTIVE, CORRECTIVE, DETECTIVE?

Monitoring of Access Logs

Answer 14

Detective

Question 15

PREVENTIVE, CORRECTIVE, DETECTIVE?

Surprise Audits

Answer 15

Detective

Question 16

PREVENTIVE, CORRECTIVE, DETECTIVE?

Continuous monitoring systems

Answer 16

Detective

Question 17

PREVENTIVE, CORRECTIVE, DETECTIVE?

Error Corrections

Answer 17

Corrective

Question 18

PREVENTIVE, CORRECTIVE, DETECTIVE?

Restitution of Assets

Answer 18

Corrective

Question 19

PREVENTIVE, CORRECTIVE, DETECTIVE?

Policy Updates

Answer 19

Corrective

Question 20

PREVENTIVE, CORRECTIVE, DETECTIVE?

Employee Retraining

Answer 20

Corrective

Question 21

PREVENTIVE, CORRECTIVE, DETECTIVE? Disciplinary Actions

Answer 21

Corrective

Question 22

PREVENTIVE, CORRECTIVE, DETECTIVE? System Modifications

Answer 22

Corrective

Question 23

PREVENTIVE, CORRECTIVE, DETECTIVE? Control Enhancements

Answer 23

Corrective

Question 24

PREVENTIVE, CORRECTIVE, DETECTIVE? Fraud Investigations

Answer 24

Corrective

Question 24

PREVENTIVE, CORRECTIVE, DETECTIVE? Restatement of Financials

Answer 24

Corrective

Question 25

PREVENTIVE, CORRECTIVE, DETECTIVE? Customer Refunds

Answer 25

Corrective

Question 26

Prenumbered use of official receipts

Answer 26

Preventive

Question 27

Daily deposit of collections

Answer 27

Preventive

Question 28

Bonding of cash custodians

Answer 28

Preventive

Question 29

Authorization for opening of bank account

Answer 29

Preventive

Question 30

Separation of duties between cashier and bookkeeper

Answer 30

Preventive

Question 31

Use of cash vaults and locks

Answer 31

Preventive

Question 32

Access to cash vaults limited

Answer 32

Preventive

Question 33

Prenumbered use of vouchers/checks

Answer 33

Preventive

Question 34

Approval of cash disbursements

Answer 34

Preventive

Question 35

Limited authorization to sign checks

Answer 35

Preventive

Question 36

No signing of blank checks

Answer 36

Preventive

Question 37

Mutilation of voided checks

Answer 37

Preventive

Question 38

Control over interbank transfers

Answer 38

Preventive

Question 39

Surprise cash count

Answer 39

Detective

Question 40

Physical control of unused checks, etc.

Answer 40

Preventive

Question 41

Proper authorization of purchase

Answer 41

Preventive

Question 42

Use of safety deposit box/vault for the safekeeping of investment documents

Answer 42

Preventive

Question 43

Bonding of investment custodian

Answer 43

Preventive

Question 44

Limited access to safety deposit box/vault

Answer 44

Preventive

Question 45

Investment securities in the name of the company

Answer 45

Preventive

Question 46

Credit approval before making deliveries to customers

Answer 46

Preventive

Question 47

Use of credit limits for customers

Answer 47

Preventive

Question 48

Use of prenumbered sales orders

Answer 48

Preventive

Question 49

Independence or separation between credit and sales departments

Answer 49

Preventive

Question 50

Use of detailed property records

Answer 50

Preventive

Question 51

Use of property identification/tag

Answer 51

Preventive

Question 52

Fixing of accountability of fixed assets

Answer 52

Preventive

Question 53

Control over fully depreciated fixed assets

Answer 53

Preventive

Question 54

Segregation of purchasing and A/P functions

Answer 54

Preventive

Question 55

Bidding procedures for significant purchases

Answer 55

Preventive

Question 56

Vendor accreditation procedure

Answer 56

Preventive

Question 57

Comparison of purchase amounts to budget

Answer 57

Detective

Question 58

Comparison of deposit slips with books

Answer 58

Detective

Question 59

Periodic confirmation of customers’ A/R balances

Answer 59

Detective

Question 59

Prep of monthly bank reconciliation

Answer 59

Detective

Question 60

Segregation of collection function from A/R bookkeeping

Answer 60

Preventive

Question 60

Control over write-off of bad accounts

Answer 60

Preventive

Question 61

Periodic inventory counts

Answer 61

Detective

Question 62

Investigation of discrepancies in case of inventory shortage or overage

Answer 62

Detective

Question 63

Segregation of inventory custodian from inventory bookkeeping

Answer 63

Preventive