Benefits of Comprehensive Control Programs

Benefits of Comprehensive Control Programs

Deidra Nelson

AIU Online University

WHAT ARE THE BENEFITS OF A COMPREHENSIVE CONTROL PROGRAM? IF YOU WERE ADVISING THIS CORPORATION, WHAT WOULD BE THE SPECIFIC BENEFITS FOR THEM?

Comprehensive control is beneficial for the organizations; it can improve efficiency and profitability by helping management to better understand their own workings and financial systems. I provide different types of control programs to help to make the auditing standards and rules of control financial transactions. The programs are offered as benefits to the companies. Here is a list of programs:

* Preventive Control Programs: - This program is useful to prevent the fraud before it happens. At the same time, it protects the company’s assets and confidential information.

* Detective Control Programs: - It is beneficial for companies to be alert for any potential threats of fraud. It will be used to find and investigate possible cases of fraud in an organization or company related to accounts and financial transaction.

* Corrective Control Programs: - This program is beneficial to monitor existing control plans and implement new plans or actions to prevent the fraud in the company. With the help of this program future fraud can be prevented and detected ( Virginia Tech)

These programs will be beneficial for companies to prevent fraud and provide several methods to remove fraud activities from the company’s. These programs can provide safeguards for assets, proper authorization of transaction and isolation of duties ( ).

It could also provide various controls such as fraud education, evaluation, designs and implementation that control and prevent fraud in the companies.

PRECEDURES FOR DETCTIVE CONTROLS

Doing the Detective Control, there are various procedures that should be considered, inventory counts, external audits and investigations of financial statement, documents, and records. Internal control of management may...