Indicate which statements are true and which are false. Separation of recordkeeping for assets from the custody over assets does not prevent collusion between two or more employees to 1. commit fraud. 2. Separating the responsibility for a transaction between two or more individuals or departments never improves a system of internal control. 3. Establishing responsibilities helps determine who is at fault for errors or fraud. 4. Hiring auditors to review internal controls increases risk of theft. Choose from the following list of terms and phrases to best complete the following statements. 1. The summarizes the projected cash payments and cash receipts. is a set of approvals and procedures used to control the acceptance of liabilities and cash payments. 2. A 3. Examples of include currency and coins