Indicate which statements are true and which are false. 1. Separation of recordkeeping for assets from the custody over assets does not prevent collusion between two or more employees to commit fraud. 2. Separation of recordkeeping for assets from the custody over assets helps reduce fraud. 3. Internal control procedures should be designed to protect assets from waste and theft. 4. One objective of internal control procedures is to safeguard the assets of the business. False True