The Public Company Accounting Oversight Board PCAOB defined Segregation of Duties as “Assigning different people the responsibilities of authorizing transactions, recording transactions, and maintaining custody of assets is intended to reduce the opportunities to allow any person to be in a position to both perpetrate and conceal errors or fraud in the normal course of his or her duties.”
So, what do you do if you company does not have enough employees to comply with Segregation of Duties? Keep listening.
Check out my website www.debrarrichardson.com if you need help cleaning your vendor master file or implementing authentication, internal controls and best practices to it from fraud.
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