Assignment:
What is Segregation Of Duties?
In today's more challenging and globalized business economy, segregation of duties can be defined as a most important as well as complicated task for the effective and proper internal control. Along with this, it should also be noted down that, it is more valuable and comprehensive because it reduces the different kinds of risks that are directly or indirectly related to the mistakes. In addition, it is also found that, it also reduces the chances of inappropriate actions in an effective and proper manner. In the same manner, it helps is reducing the fraud effectiveness (Hall, 2004). At the same time, there are various functions as well as activities that should be separated among the employees with the help of different specific techniques and methods. For example: approval, accounting/reconciling, and asset custody are the some example of duties that should be segregated from the employees within the organization.On the other hand, there are four universal classes of duties or responsibilities which are examined when segregation of duties are discussed such as: endorsement, protection, record keeping and settlement (Turner & Wickgenannt, 2009).