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Segregation of Duties (Policy)
Office of Origin: Finance
Responsibility: Executive Director, Finance
Date Adopted: 4/28/15
Dates Reviewed: 4/28/15, 11/20/17, 1/23/18, 3/17/21(C)
Last Date Board Approved: 1/23/18
This policy applies to all that interact with financial systems at Lake Michigan College (the College).
Segregation of duties is an internal control concept that requires different people to complete different parts of a task to reduce the risk of erroneous and/or inappropriate actions that could result in incorrect information or loss or misappropriation of assets.
When designing/redesigning or defining/redefining job duties or when authorizing user accounts in Banner and other systems, supervisors must consider if duties are appropriately segregated. Supervisors must adhere to existing approved processes or must implement new processes/internal controls procedures that segregate duties among employees and that include effective oversight of activities and transactions. When critical functions cannot be segregated, reliance must be placed on “compensating controls,” such as managerial review; in such situations, approval of use of a compensating controls must be approved in advance by the Executive Director of Finance.
All employees must adhere to existing approved processes.