Instructor for this course
more
Enrolled:
188
Duration: 2 Hours
Level: Foundational

This course discusses why and how the office of the CFO should pay special attention to segregation of duties (SOD).  A fundamental element of internal control is SOD, and the underlying idea is that no employee or group of employees should be in a position to both perpetrate and conceal errors or fraud in the normal course of their duties. The principal duties typically outlined as incompatible and which should be segregated are:

  • Custody of assets
  • Authorization or approval of related transactions affecting those assets
  • Recording or reporting of related transactions

Traditional internal control relies on assigning certain responsibilities to different individuals or segregating incompatible functions. This is to prevent one person from having both access to assets and responsibility for maintaining the accountability of those assets.

It is imperative that organizations take a fresh look at their SOD assignments and measure and prioritize risk areas that are impacted. With ever changing technological advances and businesses reliance on Information technology, the inability to maintain proper and efficient SOD can hamper an organizations ability to deliver service efficiently.

Several prominent documents highlight the principles of SOD requirements including: PCAOB AS5; AICPA Auditing Standard 99; SEC Guidance on Management requirements of internal control over financial reporting and Association of Certified Fraud Examiners Uniform Fraud Classification System. This has resulted in some overly complex systems of internal control that become difficult to maintain and result in reduced focus on higher risk areas.

This course will provide you with a better understanding of segregation of duties along with ideas and best practices around managing SOD at your company.

Course Collections

This course is included in the following Course Collections:

Learning Objectives

  • Recognize the criticality of segregation of duties (SOD) principles for finance, accounting and the office of the CFO when attesting to a positive control environment
  • Discover the concept of SOD and fraud considerations
  • Identify methods for maintaining proper SOD when resources are limited
  • Identify critical SOD for specific processes and IT areas
  • Recognize the SOD responsibilities that are critical in information technology

31 Reviews (114 ratings)Reviews

4
Anonymous Author
great overview of the issues discussed.
4
Anonymous Author
very clear and concise.
4
Member's Profile
Good course that shows the need and benefits for segregation of duties.
5
Member's Profile
Good
4
Anonymous Author
Good course for an overview of segregation of duties.
4
Anonymous Author
Nice refresher
4
Anonymous Author
Might have needed to make this two hour classes to give more details on COSO since that is what most of the exam asked about. Good instructor with obviously great level of knowledge.
4
Anonymous Author
Thorough treatment of the subject.
4
Member's Profile
none
5
Anonymous Author
Great course
5
Anonymous Author
Good review of key concepts.
5
Anonymous Author
m
4
Member's Profile
This material is at a fairly high level of abstraction and it might be more helpful to those actually responsible for developing segregation of duties to have more concrete examples of lack of segregation and how that can be mitigated.
5
Member's Profile
Most anyone in the company would benefit
5
Member's Profile
I learned a lot and plan on using Lynn's course as a guide at work to ensure we are on track. Recommend this course to others.
5
Member's Profile
great!
5
Member's Profile
Lynn presents a great session. She is expert and eloquent. One of my favorite on Proformative.
5
Member's Profile
Lynn presents a great session. She is expert and eloquent. One of my favorite on Proformative.
5
Member's Profile
Excellent. There were no surprises. All managers and above should take this course to enable them to educate their subordinates on the the importance of SOD.
5
Member's Profile
Good presentation covering the need for proper segregation of duties and its linkage with other statutes.
4
Anonymous Author
It was a very good course
4
Member's Profile
Excellent webinar on SOD. Presenter made sure to repeat and emphasis the most important topics.
5
Anonymous Author
Good reminder on the importance of segregation of duties!
5
Member's Profile
Great course! Very informative.
5
Member's Profile
Good overview of controls.
4
Anonymous Author
This was very informative.
4
Anonymous Author
good overview of SOD
4
Anonymous Author
Great course. Would have liked to hear more examples on roles that conflict especially within each major cycle (sales and receivables, purchasing and A/P, etc).
5
Anonymous Author
A must course for aspiring internal audit staff
4
Anonymous Author
Good high level overview of SOD basics.
5
Anonymous Author
Great refresher on segregation of duties. Covered all bases - well scripted.

Prerequisites

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 ext. 106, or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
Internal Control
  11:52Legislation and Internal Control Link
  5:09Responsibility for Internal Control
  6:02Setting The Stage for The Right Fit
  7:23The Control Environment and Working with Management
  8:31Managing Controls
Standard Process Controls
  6:24Standard Process Controls for Control Environment and Risk Assessment
  6:00Standard Process Controls for Control Activities, Information and Monitoring
Evaluation
  8:41Evaluation and Monitoring Methods
  6:05Basics of Internal Control
  1:29Further SOD Evaluations
CONCLUSION
  9:54SOD, Fraud, and Course Summary
Continuous Play
  1:26:28Segregation of Duties for the office of the CFO
SUPPORTING MATERIALS
  PDFSlides: Segregation of Duties
  PDFSegregation of Duties Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM