What role do corrective controls play in internal controls?

Corrective controls are designed to address issues that have already arisen within an organization's operations. Their main purpose is to rectify problems or weaknesses identified through other forms of internal controls, facilitating recovery and minimizing the impact of past events. This might involve actions such as repairing damaged systems, implementing new procedures to avoid issues from reoccurring, or providing training to address identified deficiencies.

While preventive controls focus on avoiding risks before they occur and detective controls help identify and assess risks as they happen, corrective controls serve as a crucial mechanism for remediation after a problem is detected. They ensure that lessons learned from past incidents lead to improvements in processes and procedures, enhancing the overall effectiveness of the internal control system.