Final answer:
Segregation of duties is a concept in organizational controls that divides tasks and responsibilities among different individuals or groups to prevent fraud and errors. It increases accountability, transparency, and the effectiveness of internal controls.
Step-by-step explanation:
Segregation, or separation, of duties is a concept in organizational controls that ensures different tasks and responsibilities are divided among multiple individuals or groups. This separation helps to prevent fraud, errors, and conflicts of interest by ensuring that no single person has complete control over a process from beginning to end. For example, in the context of financial controls, the person who approves expenses should not have access to the financial records or be involved in the payment process. By segregating duties, organizations can increase accountability, transparency, and the effectiveness of their internal controls.