Segregation of Duties and their significance to the business Environment
Introduction to Segregation of Duties
What is Segregation of Duties ?
What are three components of SOD?
What is the significance of SOD?
Brief about the components of SOD
What is Custody of Assets?
What is the Authorization of related transactions affecting those assets?
What is recording and reporting of those transactions?
What is the purpose of SOD?
Why is it necessary for an effective Control Environment?
How does it support Control Objectives?
How does it help mitigate fraud?
Fraud at Kross Corporation
Ways Koss failed in SOD
How failure in SOD led to fraud?
SOD Control Guidance
SEC’s guidance on Internal Control Over Financial Reporting
PCAOB – AS5
Association of certified Fraud Examiners’ Uniform Fraud Classification System
AICPA’s statement on AS No.99: Consideration of fraud in F/S audit
Steps in implementing SOD in a business environment
Identify business function
Identify risk in each business functions in relation to SOD
The Business environment has been characterized by different factors. Kindly limit this paper to research