"Segregation of duties" means that different people should be responsible for the steps of authorizing transactions, recording them, and actually handling the assets related to a transaction.

Question

Quizplus · Accepted Answer

Segregation of duties is a principle of internal control that helps to prevent fraud and errors by ensuring that no one person has too much control or influence over a transaction. It involves separating the authorization, recording, and custody functions so that multiple individuals are involved in each step.

"Segregation of Duties" Means That Different People Should Be Responsible