Segregation of duties refers to the duties of authorizing a transaction,recording the transaction,and taking physical custody of assets related to the transaction.

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Segregation of duties involves assigning different duties to different individuals or departments to avoid any conflicts of interest or fraud. Three key duties involved in segregation of duties are authorization, recording, and custody of assets. These duties should be segregated to different individuals or departments to ensure proper checks and balances in the financial reporting process.

Segregation of Duties Refers to the Duties of Authorizing a Transaction,recording