Question: 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

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. 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 (172 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Req 1 Separation of duties is essential for safegua... 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)

69-B-C-A-I-C-C (360).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

A complaint was filed with the U.S. Commerce Departments ITA by U.S. telephone manufacturers AT&T, Comidial Corp., and Eagle Telephones, Inc., alleging that 12 Asian manufacturers of small business...

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...

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...

Explain in your own words why a density curve has the two properties listed in Key Fact on page.

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...

Need help with accounting homework, have attached the documents. Assignment 8.1 Handout 1. Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote...

I need help on this assignment please and thankyou Assignment 8.1 Handout 1. Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational...

Hey I am having trouble with this accounting assignment. I would really appreciate some help. I will tip 20$ if every thing looks good Assignment 8.1 Handout 1. Internal controls are designed to...

Fluffy Dogs Inc., is a small company with three people working in the revenue processes. One employee, Brenda, works as the Supervisor. Sally and Tyler report to Brenda. Together, this group must...

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...

Background information You are the audit senior with Rogers & Brown and you have been approached to undertake the audit of Reliable Printers Ltd (RPL) for the year ended 30 June 2015, taking over...

According to the U.S. Census Bureau, as of March 2009, the average earnings of full-time workers was estimated to be $31,666 for females with high school education, $43,493 for males with high school...

Consider the curves defined by y = x - e* and x = 1. Find the intersection point of the two curves. = 2%. y=x-ex X= 29 24 y = 2% e y= 0 X= 1 29 = X 2 lny = x Iny = x/2 y=e* 2. Write the two curves...

refers to the percelved monetary and nonmonetary benefis that customers receive from a product, compared to the cost of obtaining the product Multiple Onoice Purchasing power Customer service...

The management of Ballard MicroBrew is considering the purchase of an automated bottling machine for $120,000. The machine would replace art old piece of equipment that costs $30,000 per year to...

Recall from Chapter 4 that many of the Whites who participated in Blacks' struggle for civil rights were Jewish. How were the organizational experiences of Jews and Blacks in the United States...

A job in a machine shop must undergo five operationsA, B, C, D, and E. Each operation can be performed on either of two machines. The following table summarizes the time required for each machine to...

Future value with multiple cash ows: Stephanie Watson plans to make the following investments beginning next year. She will invest $3,125 in each of the next three years and will then make...

Many Whites argue that their resistance to affirmative action and diversity programs is due in part to their families' history of not owning slaves or their not having practiced discrimination2. What...

Many people speak loudly to other people who are deaf, blind, and those who speak a different language. Based on the information presented in this chapter, what mistakes are these people making?

Aster Company is considering an investment in technology to improve its operations. The investment will require an initial outlay of $800,000 and yield the following expected cash flows. Management...

Retsa Company is considering an investment in technology to improve its operations. The investment will require an initial outlay of $800,000 and will yield the following expected cash flows....

The Busby Corporation had a share price at the start of the year of $26.90, paid a dividend of $0.54 at the end of the year, and had a share price of $30.75 at the end of the year. Which of the...

What is a Key Performance Indicator? 1.A chart located in the bottom right of a dashboard. I. An unnecessarily cluttered chart or table. I. An important business metric. I II land Il l and Ill ll and...

During the current year, Margaret and John received $24,000 in Social Security benefits. The amount of their adjusted gross income for the year before any Social Security income was $140,000 and they...