Question

There are three simple procedures that small business owners should do on a timely basis to prevent fraud when they can’t afford sufficient employees to guarantee effective segregation of duties.. Which of the following is NOT one among them?

Answer 1

Answer:

Allow one key employee to operate the bank account personally.

Explanation: Allowing one key employee to operate the bank account personally is a major non compliance in management of business ventures. Two or more persons with TRUSTED INTEGRITY can be assigned especially if they are PERMANENT STAFF and in MANAGEMENT POSITIONS. This two factors will help to Prevent or reduce the chance of any Criminal or fraudulent activities.