The segregation of duties is the distribution of tasks performed by individuals in a business place. Why is the segregation of duties necessary? By splitting tasks amongst several individuals, you reduce the risk of fraud. One side of the fraud triangle is opportunity. Placing proper segregation of duties in place limits an individuals' chance to commit fraud. Segregation of duties takes one task and divides the task into two or more phases, jobs, or components. No one individual should … [Read more...] about What is Segregation of Duties and why are they important?
Accounting Internal Controls