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Hi, can you please explain the difference between control objective and control procedure? Are control objectives always associated with ECEQ or can they be found on ICQ as well?
Thanks
A control objective is essentially “to ensure that. … something doesn’t go wrong / bad happens”. Since questionnaires are not prescribed, any could be phrased in terms of objectives.
Control activities are policies and procedures which management puts into place to meet control objectives. They are one of the 5 components of internal control and I’m pretty sure they’re covered in the notes/lectures. Segregation of duties is an example.
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