Question

Proper segregation of duties reduces the opportunities to allow person to be in positions both to A. journalize entries and prepare financial statements. B. record cash receipts and cash disbursements C. establish internal controls and authorize transactions. D. perpetrate and conceal fraud or errors. Reset Selection

Answer 1

Proper segregation of duties reduces the opportunities to allow person to be in positions both to:  D. perpetrate and conceal fraud or errors.

Internal controls refer to the policies, set of rules, and procedures that are implemented by an organization in order to achieve the following:

• Protect its assets.

• Boost efficiency.

• Enhance financial accountability.

• Enforce adherence to company policies.

• Prevent fraudulent behaviors among the employees.

Basically, the proper segregation of duties is a fundamental (basic) element of internal controls.

The proper segregation of duties is an idea or process that requires more than one person in the completion of certain essential duties in an organization, so as to prevent fraud and errors.

Hence, the proper segregation of duties involves establishing responsibility, in order to reduce the opportunities of having one person to be in positions both to perpetrate and conceal fraud or errors.

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