Risks inherent in the payroll cycle, and how can these risks
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Explain some major risks inherent in the payroll cycle. How can these risks be mitigated?
Level: Master in accounting, and the topic is Internal Control
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Solution Summary
Your tutorial is 244 words gives you four major risks in the payroll function and gives you ideas about how they might be mitigated.
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Major risks inherent in the payroll cycle include:
Risk 1: Payments made to fictitious or terminated employees.
Mitigated: This risk can be mitigated by proper segregation of duties surrounding hires and payment, by having proper documentation in the personnel files to support hires and terminations, having time card approved by managers, and permitting payments only to active employee numbers.
Risk 2: Payments made to employees ...
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