Segregation of Duties for Core Business Processes
Lynn Fountain Overview:
This course delves deeper into core business processes and examine the concepts of which duties should be segregated to provide adequate internal control.
The basics of segregation of duties indicates that no one individual should be given or assigned job functions in more than one of the following categories:
- Asset custody
- Authorization and approval
- Recordkeeping
- Reconciliation
Why you should Attend:
Segregation of Duties is a core concept of effective internal controls. It applies not only to financial issues but operational and compliance issues. Absent appropriate segregation of duties, your organization exposes itself to unwanted activity that could lead to fraud.
Areas Covered in the Session:
- Explore the definition of segregation of duties (SOD) and recognize how it applies to roles and processes
- Identify risks of inadequate SOD
- Recognize how SOD applies to individual business processes
- Identify SOD opportunities in role assignments
- Discover control mechanisms
Who Will Benefit:
- Finance
- Accounting
- Compliance
- Legal Professionals
- Internal and External Auditors
Speaker Profile
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.