As a form of internal control, separation of duties can be applied to which steps in the acquisition / payment process?
A)Second step
B)Fourth step
C)Fifth step
D)All of the above

Question

Quizplus · Accepted Answer

Separation of duties should be applied to all steps in the acquisition/payment process to establish a proper system of checks and balances. This ensures that no single individual has complete control over the entire process, thereby reducing the risk of fraud or errors. By separating responsibilities among different individuals, the likelihood of collusion and intentional wrongdoing is also minimized.

As a Form of Internal Control, Separation of Duties Can