Internal Controls and Audit Frameworks Questions

Covers the design, purpose, and operation of internal control systems and audit readiness. Topics include control objectives, common control types such as preventive and detective controls, segregation of duties, authorization and approval hierarchies, reconciliations, documentation standards, control testing approaches, and how frameworks like COSO or Sarbanes Oxley apply. Candidates should be able to explain how controls prevent and detect errors and fraud, how controls are implemented in processes, how audits validate controls, tradeoffs between control strength and operational efficiency, and how to remediate control gaps.