Which internal control concept mandates that no single employee should be in a position to both commit and conceal errors or fraud?

Explanation

Core Concept: Segregation of Duties divides key responsibilities—custody of assets, authorization of transactions, and recordkeeping—among different employees. Context/Distractors: Physical controls lock physical assets, management override is a risk factor, and performance reviews compare budgeted vs actual figures. Exam Tip/Key Fact: Separating authorization, custody, and recordkeeping forms the bedrock of internal control.