If possible, the bank reconciler should have no other duties relating to cash transactions in the business.

Question

Quizplus · Accepted Answer

To maintain segregation of duties and prevent fraud, it is best practice to have different employees responsible for different aspects of cash transactions. The bank reconciler should only be responsible for reconciling bank statements and should not have access to cash or be involved in cash handling, depositing, or recording.

If Possible, the Bank Reconciler Should Have No Other Duties