Separation of duties (SoD), also referred to as segregation of duties, is the principle that no user should be given total control over sensitive systems, processes, or activities. For example, one person is not able to complete a task without another person who acts as a check, the 7 best business debt management companies for… Continue reading Why is Segregation of Duties important?

The details entered on the check, vendor bank account details, payment vouchers, and the original bill and purchase order must be scrutinized. If you would like to explore further how Near can help you outsource your accounts payable roles to professionals in LatAm, book a free consultation call today. For example, the average salary for… Continue reading How the Accounts Payable Process Works in 6 Basic Steps

Relevant tests – Vouching the cost of assets to purchase invoices and checking depreciation rates and calculations. Rights and obligations – means that the entity has a legal title or controls the rights to an asset or has an obligation to repay a liability. Relevant test – select a sample of customer orders and check to dispatch notes and… Continue reading What Are the Audit Assertions? Definition, Types, And Explanation