Internal control procedures fit into two categories: (1)preventing accidental errors and intentional misrepresentations and (2)identifying errors and irregularities after they occur so that corrective action may be taken.

Question

Quizplus · Accepted Answer

This statement accurately describes the two main categories of internal control procedures. Preventative measures aim to stop errors and fraud before they occur, while detective measures help identify and correct errors and fraud after they have already happened.

Internal Control Procedures Fit into Two Categories: (1)preventing Accidental Errors