Payroll process is the process through which employees and contractors are paid
Typically done once a month, at the end of the month
Involves multiple individuals to calculate the amounts and prepare the disbursement, to review the calculations and to double check the amount reviewed is the amount distributed
Confidential in nature
Risks:
Incorrect amounts are paid to employees
Fictitious or duplicate employees are paid
Payroll expense is not accurately recorded
Qs: Again, what are the risks in this process?