Page 86 - Accountancy for Advanced Secondary Schools Teachers Guide Form Five

(b) Transparency: Stress the ethical obligation to disclose
material errors transparently to stakeholders, including
investors and regulators.
7. Internal controls
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(a) Preventive controls: Discuss the role of preventive controls,
such as segregation of duties and review procedures, in
reducing the likelihood of errors.
(b) Detective controls: Teach the importance of detective
controls, such as regular reconciliations and internal audits,
in identifying errors promptly.

8. Post-correction analysis

(a) Root Cause Analysis: Encourage students to conduct
root cause analysis to identify the underlying reasons for
accounting errors and implement preventive measures.

(b) Process improvement: Discuss how organisations can use
post-correction analysis to improve accounting processes and
internal controls to prevent future errors.

9. Continuous learning
(a) Learning from mistakes: Encourage students to view
accounting errors as learning opportunities and to develop a
mindset of continuous improvement.

(b) Professional development: Emphasise the importance
of ongoing training and professional development to stay
updated on accounting standards and best practices related to
error correction.

Teacher’s Guide Form Five
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