Segregation of duties has a place in business, some more logical than others. For example the same person who receives cash from clients should not be the same person that makes deposits/records income on the books. They could keep the cash then not record the income on the books. That does not mean the person who receives cash will keep the money personally but with out segregation of duties there is weakness of internal controls. Alternatively it does not mean that with effective internal controls that multiple parties could not overcome internal controls and commit fraud in spite of internal controls. Internal controls are checks and balances. Material misstatements are inaccurate representations of financial positions (intentional or unintentional)
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