1) Make a list of 10 very specific detective control activities and 10 very spec
ID: 379022 • Letter: 1
Question
1) Make a list of 10 very specific detective control activities and 10 very specific preventative control activities that Wells Fargo can implement to mitigate the occurrence of the ‘new fraud’ introduced in this article. Make sure to describe and explain well all these detective and preventative control activities.
Article: Wells Fargo may have just made another boneheaded decision By Kevin Duga August 23, 2017| 10:28pm | Updated Modal Trigger Wells Fargo CEO Tim Sloane is continuing the bank's history of dumb decisions-this time fighting a class-action suit that other banks have settled. Post photo composite Wells Fargo Chief Executive Tim Sloan has reassured customers he's doing everything he can to make up for past wrongs-except, apparently, if they got hit with excessive overdraft fees. Lawyers for the embattled bank will appear before an Atlanta federal appeals court on Thursday to argue that more than a million customers possibly dinged by excessive overdraft charges shouldn't be allowed to join a 9-vear-old class-action lawsuit. If Wells Fargo succeeds, the bank could be spared from having to pay more than $1 billion in restitution, people close to the case said.
Explanation / Answer
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Answer:
Detective controls are inner controls intended to recognize issues that as of now exist. Reviews are a case of a detective control. Month to month compromise of financial balances, survey and confirmation of discounts, compromise of insignificant money accounts, reviews of finance distributions or directing physical stock are on the whole cases of analyst controls. Preventive and analyst controls are frequently required in blend to give adequate assurance. PC frameworks require preventive controls through worthy utilize and access control. PC utilization logs must be kept. Logs are a type of analyst control to be evaluated and inspected at normal interims.
Preventive controls depend on the idea of isolating obligations. Illustrations incorporate restricting a similar individual from leading related exchanges, for example, starting and recording exchanges; making buys and affirming installments; requesting and tolerating stock; favoring sellers and making installments; accepting bills and endorsing installments; and approving returns and issuing discounts. Finance arrangement and dispersion obligations and endorsing, composing and marking checks ought to likewise be finished by various individuals. Cases of inward controls worked around the idea of approval, endorsement and confirmation incorporate requiring supervisory audit and endorsement of finance data before payment, requiring interdepartmental double approval of finance information by bookkeeping and HR offices and requiring earlier endorsement of credit clients, sellers and buys.
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