One internal control safeguard is to assign all the duties of receiving, depositing, and recording cash to the same employee.

Question

Quizplus · Accepted Answer

Assigning all duties related to cash handling to the same employee increases the risk of fraud and errors, and violates the internal control principle of segregation of duties, which aims to spread responsibilities among multiple employees to prevent fraud and mistakes.

One Internal Control Safeguard Is to Assign All the Duties