Question: Internal controls (Learning Objective 2) 1015 min. Explain in your own words why separation of duties is often described as the cornerstone of internal control

Internal controls (Learning Objective 2) 10–15 min.

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.

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