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Question 1 of 27
In a manufacturing company, the finance department is responsible for processing vendor payments, while the procurement team handles the selection and ordering of materials. The internal audit team has raised concerns about potential fraud due to the overlapping responsibilities of these departments. To mitigate risks, the company decides to implement a segregation of duties (SoD) framework. Which of the following actions best exemplifies the principle of segregation of duties in this context?
The finance department reviews and approves all vendor invoices before payment is processed, while the procurement team is responsible for negotiating contracts and placing orders.
The procurement team is allowed to both select vendors and approve payments to them, ensuring a streamlined process.
The finance department is tasked with both processing payments and conducting audits on the procurement team’s activities.
The internal audit team is responsible for selecting vendors and approving payments to ensure compliance with company policies.

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