SEGREGATION OF DUTIES Definition

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SEGREGATION OF DUTIES means assigning different people the responsibilities of authorizing transactions, recording transactions, and maintaining custody of assets. Segregation of duties reduces the opportunities for one person to both perpetrate and conceal errors or fraud.

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EXPLANATORY, in accounting, is a paragraph added to an audit report to explain something, such as the reason for a qualified or adverse opinion.

FIDDLY is requiring close attention to detail, i.e. to be fussy (primarily used in Great Britain).

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