Identify each of the following internal controls as a primarily preventive, detective, or corrective control.a. Limit access to petty cash fundsb. Reconcile the petty cash fund before replenishing itc. Require two signatures on checks above a specified limitd. Enable hidden flags or audit trails on accounting softwaree. Examine credit card statements and corresponding receipts each month, independently, to determine whether charges are appropriatef. Keep checks in a locked box or drawer and restrict the number of employees who have access to the key.g. Back up accounting records daily

Detective controls are made to look for any errors or abnormalities. The purpose of corrective procedures is to eliminate errors or anomalies that were found. Contrarily, precautionary controls are intended to stop flaws and anomalies before they start.

a. Restricting the use of petty cash funds is primarily preventive.

b. Before adding to the special fund, reconcile it is Detective.

c. Demanding two signatures on cheques that exceed a certain threshold is primarily preventive.

d. On accounting, install hiding flags or audit reports is Detective.

e. Independently review credit card billing statements and related paperwork each month to check whether purchases are reasonable is Detective.

f. restricting the number of employees with access to the key and store checks in a secured box or drawer is primarily preventive.

g. Daily archiving of financial statements is corrective control.

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