Definitions (2)
1. Control policy according to which no person should be given responsibility for more than one related function. For example, the person responsible for purchasing should not also be responsible for its payment. Also called segregation of duties.
2. Methods and procedures established as an internal check on activities through separation of (1) custody of assets from accounting personnel, (2) authorization of transactions from custody of associated assets, and (3) operational responsibilities from record-keeping responsibilities.
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