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Flashcards in Controls Deck (9)
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1
Q

Control def

A

CIMA- the ability to direct the financial and operating policies of an entity with a view of gaining economic benefits

2
Q

Visual control

A

Ibm placement- daily call dashboard- colours- correct during the day

3
Q

Types of controls

A

Preventative - to stop potential errors
Corrective- stop
Detective- identify problems

4
Q

Preventative example

A

John Lewis approving signing deliveries e.g click and collect, Waitrose, special orders etc

5
Q

Detective example

A

Internal audit- identify problems- reduces external audit costs- only legal for listed plcs

6
Q

Corrective

A

Prevent errors reoccurring- user accounts against sensitive info

7
Q

Ma controls

A

Proper records, preventing fraud, budgeting type of control- variance analysis

8
Q

Link risk management example

A

Ibm risk databases- new control- risks can’t be resolved, action plans checked regularly for corporate audit

9
Q

Link external environment

A

Better tech- ais- visual dashboards