Segregation of Duties for Core Business Processes (Completed)

Also known as Separation of Duties, Segregation of Duties is a crucial aspect of risk management, as well as SOX compliance. Organizations must continue to identify the inherent risk that exist in the absence of effective segregation and ensure that suitable mitigation controls are implemented. Segregation of duties (SOD) is the cornerstone of strong internal control. Inability to maintain proper SOD can hamper an organization's ability to deliver service efficiently. Personnel often struggle with the proper concepts of what contributes to SOD. When resources are scarce, the concept is even more difficult. The basics of segregation of duties indicates that no one individual should be given or assigned job functions in more than one of the following categories: • Asset custody • Authorization and approval • Recordkeeping • Reconciliation

Who Should Attend
Financial executives, financial management, accountants and finance professionals, internal and external auditors, operational and compliance professionals.

Topics Covered

• Revenue and receivables
• Disbursement
• Procure to pay
• Treasury and cash
• Inventory
• Payroll

Learning Objectives

• Explore the definition of segregation of duties (SOD), and recognize how it applies to roles and processes
• Identify risks of inadequate SOD
• Recognize how SOD applies to individual business processes
• Identify SOD opportunities in role assignments
• Describe control mechanisms

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None