ERM - Control Activities Authorization of transactions Segregation of incompatible duties Independent checks on performance Safeguarding assets and information.

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Presentation transcript:

ERM - Control Activities Authorization of transactions Segregation of incompatible duties Independent checks on performance Safeguarding assets and information Design and use of adequate records Management and review of activities

Segregation of Duties Good internal control requires that no single employee be given too much access to business transactions/processes. An employee should not be in a position to commit and conceal fraud.

Segregation of Duties Effective SOD is achieved when the following functions are separated: Authorization – approve transaction/decision Recording – prepare source documents; enter data; generate performance reports Custody – handling of physical assets; writing checks; receiving mail; maintain journals/ledgers/files /databases Approval/Monitoring – perform reconciliations; variance analysis; edit report reviews

Proper Segregation of Duties Ideally separate individuals are involved in each component. Lack of headcount is the major obstacle to appropriate segregation of duties.