Every compliance audit requires a Segregation of Duties (SOD) analysis. This analysis provides a comprehensive view of which employee positions are performing which finance-related tasks. 

Internal controls are often considered a necessary evil by finance executives and board members. And it's true that with so many strategic issues to address, it can be challenging to carve out the time and attention to ensure that internal controls are in place, designed appropriately, and operating effectively.

In its September 2011 newsletter, global management consulting firm McKinsey & Company published a snapshot article entitled "Why Best Practice Isn't the Best Strategy."

Economic pressures and changes caused by SOX have strained the relationship between CFOs and their companies’ audit committees. One way to break the tension – according to a Korn/Ferry International paper highlighted in CFO magazine – is to invite other high level members of the finance organization to audit committee meetings.  These staffers might include divisional accounting officers, controllers, treasurers, and chief compliance executives.

In the wake of embezzlement charges against a San Francisco Giants employee, it appears the 2010 World Series Champions need better defense in their finance department as well as on the baseball diamond.