37413Class – Please answer the following questions in detail.
1. Companies usually have checks built in to their systems to prevent duplicate payments. Is it not then a waste of the auditor’s time to test for duplicate payments when the system has a check built in to prevent duplicate payments?
2. How does a company end up paying the same amount, on the same date, against the same invoice number, to different vendors?
3. Describe what is meant by preventive controls, detective controls, and corrective controls?
4. Describe the concept of correlation and explain what is meant by the statement that correlation does not imply causation.
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