You’ve probably heard the term “Segregating Duties” but what does it mean and why should you care?
There are lots of way to prevent small business fraud and employee embezzlement. You may have heard of the term “Segregation of Duties”. Simply put, segregation of duties requires shared responsibilities of a key process that disperses the critical functions of that process to more than one person. For example, the person writing checks should never be allowed to reconcile the bank account. Without proper segregation of duties, fraud risks are very tough to manage.