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  • How to prevent a fictitious employee from being paid?

    This is a key risk for any company and the best way to prevent this risk is to have proper segregation of duties. What this means is that you should separate the approval process for hiring employees, the accounting process for paying employees, and the actual person that distributes paychecks to employees. As long as […]

  • What duties should be segregated in the payroll cycle?

    The company should segregate human resources, payroll accounting, and the treasurer. Each role is responsible for the following: 1) Human resources – This can be performed by the human resources department hiring new employees and maintaining records of the employees hire date and salary information. 2) Payroll (accounting) – Supervision can be assured by proper […]