Respuesta :
Custody of assets is the third function that should be performed by a different person if proper segregation of duties is to be maintained.
Effective internal control requires the segregation of jobs since it lowers the possibility of errors and inappropriate behavior. By allowing for distinct processing by diverse people at different stages of a transaction and independent reviews of the work accomplished, adequate task segregation decreases the possibility that mistakes, both deliberate and inadvertent, will go undetected.
The fundamental tenet of segregation of duties is that no employee or group should be able to commit and cover up errors or fraud while performing their regular activities. The main incompatible tasks that need to be separated generally include:
- Custody of assets
- Authorization or approval of related transactions affecting those assets
- Recording or reporting of related transactions
- Execution of the transaction or transaction activity
Having access to or control over any tangible item, such as money, checks, tools, supplies, or materials, is referred to as custody. This approach lessens fraud and temptation. For instance, the cashier shouldn't have access to ledger accounts, and the bookkeeper shouldn't handle cash.
A person in Custody of assets shouldn't have access to any input records or programming in a digital system. A person who works with programming or input records shouldn't have access to tempting resources either.
An essential control activity is granting authorization or permission. Delegating authority is known as authorization; it can be either general or specialized.
Having access to or control over any tangible item, such as money, checks, tools, supplies, or materials, is referred to as custody.
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