Assume that the current system will not be revised. Describe the preventive, detective, and corrective internal controls that should be in the current system. How would you explain to Jim Lake the need for these internal controls?

Case study assignment 3 instructions
Using the Cougar Collection Agencey Case study as your starting point, prepare a four page paper (excluding title page and your reference page) by providing substantive responses with appropriate rationale and examples:
Assume that the current system will not be revised. Describe the preventive, detective, and corrective internal controls that should be in the current system. How would you explain to Jim Lake the need for these internal controls?

One of the credit collectors told Melvin Cooley in confidence that he was suspicious that so many court cases ended up with the debtor already having paid the debt. The credit collector wondered if there weren’t debtors who didn’t pay but were credited. Could fraud be a possibility here? How? How could such fraud be prevented and detected?