What is the practice whereby at least two individuals are required to be involved in critical processes?

The practice whereby at least two individuals are required to be involved in critical processes is known as "Dual control." This concept is an essential internal control mechanism aimed at reducing the risk of errors or fraudulent activities by ensuring that no single individual has control over all aspects of a financial transaction or process. It enhances accountability and oversight, as both individuals involved are required to agree and participate in the decision-making process.

In the context of accounting systems, dual control can help safeguard assets and verify the integrity of financial reporting. For example, in cash handling, one person may be responsible for receiving cash while another person handles the deposit, which significantly minimizes the opportunity for theft or misappropriation of funds.

The other terms, while related, do not specifically capture the requirement for two individuals in critical processes. "Single control" refers to solo oversight, which does not provide the necessary checks and balances. "Joint responsibility" implies shared accountability but does not necessarily require two individuals to be actively involved in the critical processes. "Shared responsibility" can also suggest collaborative oversight but lacks the explicit two-person requirement that defines dual control. Hence, dual control is the most appropriate term reflecting the practice of needing multiple individuals to complete essential tasks.