A good system of internal controls has four separate areas of responsibility: one person is responsible for safeguarding the assets; another person has authority over transactions associated with the asset; a third person is responsible for recording transactions for assets; and a fourth person should a. Perform criminal background checks on people with access to the assets b. Prepare the financial statements Oc Orchestrate a system of audits, physical inventories, and reconciliations Od. Investigate allegations of fraud, waste, and abuse