Explain the term "Segregation of Duties" in the context of Purchase Control Review.

Segregation of duties in purchase operations To ensure proper separation of duties, assign related buying functions to different people. Ensure proper segregation, no single person has complete control over all buying activities. It is always preferable to have different people who - Approve purchases Receive ordered materials Approve invoices for payments Review and reconcile financial records Perform inventory counts If segregation of duties does not exist in purchases operations, this may result into unauthorized or unnecessary purchases, improper charges to department budgets, purchase of goods at excessive costs, use of goods for personal purposes.