S5-2. (Learning Objective 1: Explaining and describing characteristics of an effective system of internal control) Explain why

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S5-2. (Learning Objective 1: Explaining and describing characteristics of an effective system of internal control) Explain why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe what can happen if the same person has custody of an asset and also accounts for the asset.

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Financial Accounting International Financial Reporting Standards Global Edition

ISBN: 9781292211145

11th Edition

Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison

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