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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
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. Separation of duties is essential for safeguarding assets. The person who has custody of an asse sunt for the asset essential With both duties, the pe set and hide the theft by making a false entry in the accounting records not essential 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. Separation of duties is essential for safeguarding assets. The person who has custody of an asset should not also account fly the asset entry in the accounting records has custody of an asset should be responsible for accounting for the asset has custody of an asset should be responsible for managing all employees has custody of an asset should not also account for the asset 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. Separation of duties is essential for safeguarding assets. The person who has custody of an asset should not also account for the asset With both duties, the person can steal the asset and hide the theft by making a false entry in the accounting records confirm that the accounting records agree to the actual assets on hand confirm that the employees are not stealing the assets steal the asset and hide the theft by making a false entry in the accounting records
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