Segregation of Duties Is a Fundamental Concept in an Effective

question 65

Multiple Choice

Segregation of duties is a fundamental concept in an effective system of internal control.Nevertheless, the internal auditor must be aware that this safeguard can be compromised through

• A)Lack of training of employees
• B)Collusion among employees
• C)Irregular employee reviews
• D)Absence of internal auditing

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Definitions:

Valid Contract

A legally binding agreement between parties that is enforceable by law, meeting all essential elements like offer, acceptance, consideration, and mutual intent.

Rejection

In contract law, an express or implied manifestation of an offeree’s unwillingness to contract on the terms of an offer. In sales law, a buyer’s refusal to accept goods because they are defective or nonconforming.

Firm Offer

A legally binding proposal in contract law, ensuring the offer remains open for a specified time without the need for consideration.

Irrevocability

The quality of being irreversible or unchangeable, often used in legal contexts to describe contracts or decisions that cannot be revoked or undone.