Read this para and attempt question ⁉️
Segregation of duties entails distributing responsibilities among various personnel in order to prevent errors, fraud, or misuse of authority. Organizations strengthen accountability by isolating critical functions such as authorization, custody, and recordkeeping. Segregation of Duties (SoD) is a fundamental internal control principle designed to prevent errors and fraud by ensuring that no single individual has control over all aspects of any critical transaction or process. This control measure is essential in safeguarding assets, maintaining accurate records, and promoting operational integrity.
ATTEMPT FOLLOWING QUESTIONS :
Q1. ****(Assign/Divide) responsibilities among different individuals to reduce the risk of error or inappropriate actions.
Q 2 Typically focuses on separating duties related to 1.*****,2.**** , 3.**** and 4.***** (reconciliation /custody/authorization/record-keeping)
Q 3 The person who authorizes a transaction should not be the same person who****** (approve/executes) it.
Q 4 A manager approves a purchase order, but a different employee processes the payment. TRUE OR FALSE
Q5 The person responsible for the physical custody of assets should not be the one who ******(records/receives) the transactions.
Q6 An employee who handles cash deposits should not record the cash transactions in the accounting system. TRUE OR FALSE
Q7 Recording transactions and maintaining records should be handled by individuals who do not have ******(ownership/access) to the assets involved.
Q8 An accountant *****(manage/ records ) inventory transactions, while warehouse staff *****(manage/records) the physical inventory.
Q9 Reconciliation of accounts and records should be performed by someone who is ******(responsilbility / independent ) of the transaction processing and record-keeping functions.
Q10 A ******* (cashier/finance) team member reconciles bank statements, independent of those who handle cash transactions or record them.
Q11 Clearly outline and document roles and responsibilities for all employees.,Ensure that job *****(descriptions/timings) reflect the segregation of duties requirements.
Q12 Implement automated systems and controls that enforce SoD principles, such as *****(approval/access) controls and ****(approval/access) workflows.Utilize audit trails and system logs to monitor activities and detect any potential ******(violations/breaches) of duties.
Q13 Conduct periodic *****(reviews/investigations) of roles and access permissions to ensure compliance with SoD policies. Implement *****(continuous/periodic) monitoring processes to detect and address SoD violations promptly.
Q14 Educate employees about the importance of SoD and how it protects the organization.Provide *****(training/resources) on specific SoD procedures and the use of systems that support SoD.
Q15 In *****(smaller/larger) organizations where segregation of duties might be challenging, implement compensating controls such as increased supervisory reviews, independent audits, and dual controls (e.g., requiring two signatures for significant transactions).
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