What are the implications of having the same person performing accounts payable and accounts receivable functions?

Thank you so much, I am having a hard time finding this:)

This contravenes SOX 404 and segregation of duties.
These functions MUST be separate to ensure transparency and security of the accounts.

What are the implications of having the same person performing accounts payable and accounts receivable functions?

Thank you so much, I am having a hard time finding this:)
Not understanding your question, are you doing both of these?

Sues Lab, it's a typical homework question. Also meaning the poster should be attempting to answer their own work first instead of having us do it for them.

It's in a chapter somewhere that is introducing some internal control concepts, so that's what the "implications" are -- about internal controls.

What are the implications of having the same person performing accounts payable and accounts receivable functions?

Thank you so much, I am having a hard time finding this:)

There is no separation of duties in an area where the company derives its prime cash flow,one person in charge can manipulate the receivables and liabilities in a format they if they wished and left unchecked can result in serious fraud situations wherein money is not accounted for. NEED internal controls.