Question

Why should responsibilities for certain duties, like cash handling and cash recording, be separated? What types of responsibilities should be separated?

   Why should responsibilities for certain duties, like cash handling and cash recording, be separated? What types of responsibilities should be separated?

Fundamentals of financial accounting

Fundamentals of financial accounting

Patricia A. Libby,… 4th Edition

Chapter 6, Problem 5

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Separation of duties is a key internal control mechanism that involves dividing responsibilities among different individuals to reduce the risk of errors and fraud. Show more…

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Why should responsibilities for certain duties, like cash handling and cash recording, be separated? What types of responsibilities should be separated?

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