Final answer:
Separation of duties refers to the practice of dividing responsibilities among different people within an organization to prevent fraud and errors, which is not accurately described by the statement in the question.
Step-by-step explanation:
The statement "Separation of duties is the principle by which members of the organization can access the minimum amount of information for the minimum amount of time necessary to perform their required duties" is false. Separation of duties is actually a key concept in internal control within an organization that ensures one person does not have full control over all aspects of a financial transaction. This helps prevent fraud and errors, and typically involves dividing responsibilities among different people and departments. For example, in a financial setting, the person who approves invoices for payment is different than the person who actually processes the payment.
Two key aspects of the principle of separation of duties are custody of assets and the accounting or record-keeping of those assets. Not only does this safeguard against fraudulent activity, but it also helps in the detection of any errors or irregularities. Another aspect of control in many organizations is information security, where the principle of least privilege is applied. This is more aligned with the student's statement, as it suggests that users should have only the minimal level of access — or permissions — necessary to perform their job functions.