Segregation of duties strengthens internal controls. Accounts payable or AP is one of the easiest channels for an organization to lose money if internal controls are weak. The AP department’s responsibility to monitor, process, and control payments to creditors is essential to avoiding improper payments. If there is no segregation of duties, internal controls are likely to be weak. If internal controls are weak, the risk of errors and improper payments increases.
Finance and Accounting
The Supreme Court of Canada confirmed that there is no general right in tort protecting against the negligent or intentional infliction of pure economic loss in Canadian law, and that the circumstances where pure economic loss will be recoverable are limited.
Providing assurance involves assessing the current situation, looking forward and anticipating what might happen in the near future and longer term, determining whether that is acceptable, and if it is not helping decision-makers take appropriate actions.