The classic "Segregation of Duties" means no single person should have more than one of the following: Custody of assets, Authorization, Record-keeping, or Reconciliation. (Mnemonic: CARR – Custody, Authorization, Record-keeping, Reconciliation).
Internal controls are the "safety net" of an organization. This section is highly conceptual and focuses on governance and risk mitigation. Key Topics to Master: cma part 1 volume 2 sections d e