Segregation of Duties definition

Segregation of Duties means the assignment of different people in the responsibility of authorising transactions, recording transactions and maintaining custody of assets with the intention of reducing the opportunities to allow any person to be in a position to both perpetrate and conceal fraud or error due to fraud in the normal course of their duties. Skills First Entitlement means the entitlement to a government-subsidised place in training for persons who are eligible in accordance with the criteria set out in the Act or established under the Act, and reflected in this Contract.

Segregation of Duties means a method of process control to manage conflict of interest, the appearance of conflict of interest, and errors or fraud. It restricts the amount of power held by any one individual. It puts a barrier in place to prevent errors or fraud that may be perpetrated by one individual.

Segregation of Duties means the assignment of different people in the responsibility of authorising transactions, recording transactions and maintaining custody of assets with the intention of reducing the opportunities to allow any person to be in a position to both perpetrate and conceal fraud or error due to fraud in the normal course of his or her duties. SNR means Standards for National VET Regulator (NVR) Registered Training Organisations.

Examples of Segregation of Duties in a sentence

• Segregation of Duties Good internal control includes a plan of organization, procedures, and records designed to safeguard assets and provide reliable financial records.

• INTERNAL CONTROL DEFICIENCIES: I-A-17 Segregation of Duties Criteria - Management is responsible for establishing and maintaining internal control.

• INTERNAL CONTROL DEFICIENCIES: I-A-16 Segregation of Duties - One important aspect of internal accounting control is the segregation of duties among employees to prevent an individual employee from handling duties which are incompatible.

• Reportable Conditions: 04-I-A Segregation of Duties: The limited number of personnel makes it difficult to achieve adequate internal accounting control through the segregation of duties and responsibilities, such as recording and processing cash receipts, preparing checks and bank reconciliations, preparation of journals and general financial information for ledger posting, and the analysis of financial information.

• Reportable Conditions: 06-I-A Segregation of Duties: The limited number of personnel makes it difficult to achieve adequate internal accounting control through the segregation of duties and responsibilities, such as recording and processing cash receipts, preparing checks and bank reconciliations, preparation of journals and general financial information for ledger posting, and the analysis of financial information.

More Definitions of Segregation of Duties

Segregation of Duties means an internal control to mitigate risk, where no single Employee handles a transaction from beginning to end.

Segregation of Duties means the assignment of different people in the responsibility of authorising transactions, recording transactions and maintaining custody of assets with the intention of reducing the opportunities to allow any person to be in a position to both perpetrate and conceal fraud or error due to fraud in the normal course of his or her duties. State means the Crown in right of the State of Victoria.

Segregation of Duties or “SOD” means an internal control designed to prevent error and fraud by ensuring that at least two individuals are responsible for the separate parts of a task.

Segregation of Duties means a separation of responsibilities in undertaking a task to minimize the likelihood of compromising security

Segregation of Duties means no single person handles a transaction from beginning to end.

Segregation of Duties means no single staff member shall be responsible for initiating, processing and recording financial transactions. The premise is one staff member must not have access to both physical assets and the related accounting records, or to all phases of a transaction. For purposes of accounting in the afterschool program, this means:

Segregation of Duties means that no more than three of the five procurement roles (budgeting, requisition, commitment, receipt and payment) related to any single procurement may be performed by any one individual. The Agency’s Segregation of Duties rules are attached to this procedure as Appendix ‘B’.