Effectively managing Segregation of Duties (SOD) is a key requirement for any enterprise resource planning (ERP) or financial system to pass an audit. Initiation and efficient maintenance of SOD requires a fully automated financial control testing platform to identify, prevent, and mitigate issues that can negatively impact the accuracy, and validity of financial reporting -- putting the organization at risk.
Segregation of Duties (SOD) requires organizations to ensure users of business applications do not have the capability to perform two processes that could permit fraud, waste, and abuse. These are called "toxic access combinations" and enable an individual to execute such fraudulent activities as creating and paying himself as a supplier.
Experts say that simply maintaining a compliance program is not enough. Compliance programs and internal controls must be adequate and effective at preventing and detecting fraud.
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