segregation of duties
- *internal controls. A fundamental aspect of segregation of duties is the notion that "persons having the custody of control of assets should not also be responsible for the accounting in respect of those assets" (Cooper, 1966,13). In other words, segregation of duties involves the separation of asset *safeguarding from asset-related transactions. For example, the practice of *lapping (concealing the theft of cash by shifting *cash amounts between *accounts receivable balances) can be made more difficult by segregating the tasks of (i) handling cash receipts from customers, (ii) recording cash receipts in accounts receivable balances, and (iii) preparation of the accounts receivable ledger. In small organizations, low employee numbers can complicate the achievement of a satisfactory segregation of duties.
Auditor's dictionary. 2014.
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