Having different individuals receive cash record cash receipts and hold the cash is an example of
A) establishment of responsibility.
B) segregation of duties.
C) documentation procedures.
D) independent internal verification.

Question

Quizplus · Accepted Answer

Segregation of duties involves dividing responsibilities among different individuals to reduce the risk of errors or fraud. Having different individuals receive cash, record cash receipts, and hold the cash are all examples of segregating duties for the cash handling process.

Having Different Individuals Receive Cash Record Cash Receipts and Hold