TBS - Segregation of Duties Flashcards
1
Q
Segregation of Duties
A
AARC duties should be performed by different individuals
Authorization of Transactions
Approval of Transactions
Record Keeping
Custody of Assets
2
Q
Possibility of Fraud
A
Process fictitious purchase transactions to shell companies, cause payments to be made for goods or services that were not received
Process an unauthorized sales transaction to shell company
3
Q
Methods to segregate duties
A
Financial accounting system that includes appropriate segregation of duties
Establish policies regarding maintenance and confidentiality of user names and passwords to ensure controls cannot be circumvented.
