The general guideline for the segregation of duties is that the following areas should be separated by accounting controls : 1. custody of assets, 2. authorization of transactions, and 3. record-keeping responsibilities.
<h3>Give a brief account on segregation of duties.</h3>
The assignment of distinct steps in a process to different personnel is known as the segregation of duties. By exercising extreme control over a process, the goal is to prevent situations in which someone might steal something or do another fraud. In essence, distinct parties should have physical custody of an asset, record-keeping responsibilities for it, and acquisition and disposal authority.
A key component of a control system is the separation of roles. When evaluating an entity's system of internal controls, auditors will consider duty segregation and will give the system a lower rating if there are any segregation problems.
The auditors will change their methods when there are segregation problems because they will presume that the danger of fraud has increased. This method shift typically entails a rise in audit workload, which is passed on to the customer in the form of higher audit fees.
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Answer:
physical
Explanation:
Based on the information provided within the question it can be said that these are considered to be physical assets of TWT. This refers to physical products that are owned by the company and provide that company with value. Which both the pool and machines give value to TWT because they are worth a certain amount of money and each attract customers who come strictly to use these assets.
Answer:It is
Explanation: because the line is divided in different sector. Each sector has specific operations, using specific tools and specific process. Each operation or group of operations must be done by employees or workers. Those worker also required specialized training.
Answer: False
The ICS which stands for Incident Command System is the standard procedure to be applied to all types of incidents. These incidents range from small emergencies up to the large and complicated situations or events. Some of the incidents that ICS can tackle are medical emergencies, both natural and unnatural disasters, terrorist attacks, chemical spills, traffic incidents, and so on.
