Rice: Failing to Segregate Accounting Duties Leaves Companies Vulnerable to Fraud
Angela Rice · The Key Man Discount: The Hidden Number Killing Your Company's Valuation · Jun 8, 2021 · at 8:23
Forensic accountant Angela Rice explains foundational internal financial controls and risk management to host Sean Weisbrot.
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“If one person has complete control of all of your financial data, as well as your bank statements, and they are the ones that receives payments and makes disbursements to pay for things. That is really a great area. And I'd advise you not to have one person doing all those things because you could become a victim of fraud pretty easily. And it's important to really segregate those duties so that someone doesn't have access to both your books and also cash.”
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