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What are the risks and internal control weaknesses If the person posting sales invoices in MIS is the same person handling bank and cash transactions?

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Question added by Irfan Hamid ACCA
Date Posted: 2013/11/04
Waqayan Al Waqayan
by Waqayan Al Waqayan , Secretary of Sharia Supervisory Board (SSB) , Ahli United Bank (AUB)

Separation of duties is one of the most important procedures available in the internal control process to reduce the risk of fraud, loss, or undetected error in any financial system.

The lack of separation of duties is the weakness of the process you mentioned.

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