Three key duties that must always be separated under a good system of internal controls are:
A)asset handling,record keeping and transaction approval.
B)asset handling,hiring and safeguarding of assets.
C)asset handling,recordkeeping and safeguarding of assets.
D)record keeping,transaction analysis and transaction approval.

Question

Quizplus · Accepted Answer

The separation of asset handling, record keeping, and transaction approval is fundamental to a good system of internal controls. This separation ensures that no single individual has control over all aspects of a transaction, reducing the risk of errors or fraud.

Three Key Duties That Must Always Be Separated Under a Good