Task Team of FUNdaMENTAL aCCOUNtIng School of Business. Sun Yat-sen University and supervise them (2)Assignment of responsibilities-Each employee is assigned certain responsibilities(often defined in the organizational chart) (3)Proper authorization-An organization generally has a written set of rules that outlines approved procedures. Tasks that fall outside this set of procedures may be performed only if properly authorized (4)Separation of dutiesDividing responsibilities for transactions limits the chances for fraud and promotes accuracy of the accounting records. Separation of duties may be divided into four parts Separation of operations from accounting-The entire accounting function should be pletely operating departments Separation of custody of assets from accounting-Accountants should not have access to assets, and those that have access to assets(such as the cashier) should not have access to the accounting record Separation of authorization of transactions from the custody of related assets-People who authorize transactions should not handle the related asset Separation of duties within the accounting function-Different people should perform the various phases of accounting to minimize errors and opportunities for fraud (5)Internal and external audits-Internal and external auditors identify weaknesses in internal Internal auditors are employees External auditors are employed by accounting firms that are hired by a business to examine the financial statements (6) Documents and records-Business documents should be prenumbered to call attention to a missing document.Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University and supervise them. (2)Assignment of responsibilities—Each employee is assigned certain responsibilities (often defined in the organizational chart). (3)Proper authorization—An organization generally has a written set of rules that outlines approved procedures. Tasks that fall outside this set of procedures may be performed only if properly authorized. (4)Separation of duties—Dividing responsibilities for transactions limits the chances for fraud and promotes accuracy of the accounting records. Separation of duties may be divided into four parts: Separation of operations from accounting—The entire accounting function should be completely separate from operating departments. Separation of custody of assets from accounting—Accountants should not have access to assets, and those that have access to assets (such as the cashier) should not have access to the accounting records. Separation of authorization of transactions from the custody of related assets—People who authorize transactions should not handle the related asset. Separation of duties within the accounting function—Different people should perform the various phases of accounting to minimize errors and opportunities for fraud. (5)Internal and external audits—Internal and external auditors identify weaknesses in internal control. Internal auditors are employees. External auditors are employed by accounting firms that are hired by a business to examine the financial statements. (6)Documents and records—Business documents should be prenumbered to call attention to a missing document