QS 6-1 (Algo) Internal control objectives LO C1 Indicate which statements are true and which are false. 1. The internal control of separation of duties requires that employees duplicate each other's work. 2. Bonding key employees helps reduce risk of theft. 3. Separation of recordkeeping for assets from the custody over assets helps reduce fraud. 4. The primary objective of internal control procedures is to safeguard the business against theft from government agencies