Question: Explain why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe what can happen if the same person

Explain why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe what can happen if the same person has custody of an asset and also accounts for the asset.

Step by Step Solution

★★★★★

3.43 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Separation of duties is essential for safeguarding ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

196-B-C-A-I-C-C (857).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Explain in your own words why separation of duties is often described as the corner-stone of internal control for safeguarding assets. Describe what can happen if the same person has custody of an...

Separation of duties is a key internal control. Requirement 1. Explain in your own words why separation of duties is often described as the cornerstone of internal control for safeguarding assets....

Explain in your own words why separation of duties is such an important procedure for safeguarding assets. Describe what can happen if the same person has custody of an asset and also accounts for it.

Explain why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe what can happen if the same person has custody of an asset and also...

This question: 2 point ( s ) possible Submit test Explain why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe what can happen if the...

Internal Control 1. Separation of duties is a key internal control. Explain why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe what...

1. (Learning Objective 2: Describe components of internal control) List the components of internal control. Briefly describe each component. 2. (Learning Objective 2: Explain the objectives of...

S5-2. (Learning Objective 1: Explaining and describing characteristics of an effective system of internal control) Explain why separation of duties is often described as the cornerstone of internal...

Please Help I am having a problem with my assignment? 1. Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure...

Part A If 0.620 mol of a nonvolatile nonelectrolyte are dissolved in 3.30 mol of water, what is the vapor pressure PH,0 of the resulting solution? The vapor pressure of pure water is 23.8 torr at 25...

How can software assist in project communications? How can it hurt project communications?

When a firm's customer exercises a call option, the firm will submit an exercise notice to the Options Clearing Corporation. The Options Clearing Corporation, in turn, will select a firm to receive...

Use the computerized model in File C07 to solve this problem. a. Refer to Problem. Suppose Cary Corporation is considering installing a new computer system that would provide tighter control of...

As discussed in the chapter, abnormal earnings (AE) are AEt = Xt (re Ã BVt1) where Xt is the firm's net income, re is the cost of equity capital, and BVt1 is the book value of equity at t 1....

A new product is being designed by an engineering team at Odin Security. Several managers and employees from the cost accounting department and the marketing department are also on the team to...

Dans Discount Corporation uses target costing to aid in the final decision to release new products to production. A new product is being evaluated. Market research has surveyed the potential market...

Elite Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows: Each project requires an investment of $900,000. A rate of 15% has been...

2.80 The following table gives the 2008 endowments (in billions of dollars) for the six U.S. universities that had the largest endowments. Endowment University (billions of dollars) Harvard...

Listed below are eight transactions. In each case, identify whether the transaction is an example of financing, investing, or operating activities and which of the financial statements it would...

Listed are accounts that may appear on either the balance sheet or the income statement. a. Equipment b. Fees Earned c. Retained Earnings d. Wage Expense e. Patient f. Cost of Goods Sold g. Common...

Assume a banker is interested in finding answers to the following questions about a company applying for a loan. In each case, indicate which of the four financial statements the banker should...

show work please Show HOW YOU Calcuni wc Hum JUU WUJ computations, you will not receive a full score (and will miss the opportunity of partial credits). Note that the points from the bonus question...

The DuPont equation shows the relationships among asset management, debt management, and profitability ratios. Management can use the DuPont equation to analyze ways of improving the firm's...

What is the present value of $3,100 per year, at a discount rate of 9 percent, if the first payment is received 5 years from now and the last payment is received 15 years from now? (Do not round...