Internal Audit and Central Accounting are available to provide advice and expertise. Managers are encouraged to consult with these offices when evaluating internal controls, especially with regard to areas deemed to be high risk. The Issue of Trust Trust is a key component in managers' interactions in the academic and medical environments. Internal Control Tools Objective Introduce and review internal controls to manage financial and compliance risks. The intent of these control types are different.
Preventive controls attempt to deter or prevent undesirable acts from occurring.
They are proactive controls that help to prevent a loss. Examples of preventive controls are separation of duties, proper authorization, adequate documentation, and physical control over assets. Detective controls, on the other hand, attempt to detect undesirable acts. They provide evidence that a loss has occurred but do not prevent a loss from occurring. Examples of detective controls are reviews, analyses, variance analyses, reconciliations, physical inventories, and audits.