Internal controls for every organization are different; however, they may be divided into three major groups: preventive, detective, and corrective

Accounting Apr 12, 2021

Internal controls for every organization are different; however, they may be divided into three major groups: preventive, detective, and corrective. What are two examples of each group, and in what circumstance would they be required? Why is it important for a company to have an internal control system? What is the difference between a general control and an application control?