Key Segregation of Duties in Property Management

Question 1

List the key segregation of duties

Answer 1

1. The function of initiating a capital asset acquisition should be segregated from the final approval function.
2. The property, plant, and equipment records function should be segregated from the general ledger function.
3. The property, plant, and equipment records function should be segregated from the custodial or safeguarding function.
4. If a periodic physical inventory of property, plant, and equipment is taken, the individual responsible for the inventory should be independent of the custodial and record0keeping functions.