A key control is a control that, if it fails, means there is at least a reasonable likelihood that a material error in the financial statements would not be prevented or detected on a timely basis. Key controls provide reasonable assurance that material errors will be prevented or timely detected. Controls may either prevent errors or detect their occurrence. The identification of key controls considers the risk of fraud, including override of management controls. Controls may be fully manual, fully automated, or IT-dependent. IT-dependent controls have an automated and a manual aspect to the control.