Accounting:Segregation of Duties

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  1.  Introduction:
    1. Introduction to Segregation of Duties (SOD)
  2. What is Segregation of Duties?
  3. What are the objectives of SOD?
  4. What are three duties to be separated?
  5. Body:
  6. Discussions on COSO’s Internal Control Framework
  7. What is COSO’s Internal Control framework?
  8. What are the components of Internal Control?
  9. What are the objectives of Internal Control?
  10. Discussions on the components of SOD
  11. What is Custody?
  12. What is the Authorization?
  13. What is Recording?
  14. Why IIA claims the above three functions be separated?
  15. Discussions on the purpose of SOD
  16. Why is SOD necessary for an effective Control Environment?
  17. How does it support Internal Control Objectives?
  18. How does it facilitate ethical work environment?
  19. How does it support governance of an organization?
  20. Fraud at Koss Corporation
  21. Ways Koss failed in SOD
  • How failure in SOD led to fraud?
  1. SOD Control Guidance by Standard Setting Bodies
  2. SEC’s guidance on Internal Control Over Financial Reporting – What type fraud are prevented using SOD?
  3. PCAOB – What types of fraud are detected by auditors? Real fraud case examples?
  4. Association of certified Fraud Examiners’ Uniform Fraud Classification System
  5. AICPA’s statement on AS No.99: Consideration of fraud in F/S audit
  6. Steps in implementing SOD in a business environment
  7. Identify business function/activities
  8. Identify risk in each business functions in relation to SOD
  9. Segregate duties based on the risk involved in each business activities
  10. Monitor and evaluate the effectiveness of how well SOD is followed and whether it achieves its objectives using internal auditors or a team
  • Conclusion:
  1. SOD is necessary for small or large organizations
  2. SOD supports internal control over Financial Reporting,
  3. SOD supports internal control over day-to-day business operations
  4. SOD supports compliance with policies, laws and regulations
  5. SOD mitigates/prevent fraud and promotes ethical work environment.

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