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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Explain how payroll fraud can be prevented.

To determine

Specify the manner by payroll fraud is being prevented.

Explanation

Payroll:

Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees.

The payroll frauds can be prevented in the following way they are as follows:

1. Make cash payments or checks minimally and increase the use of direct deposit of payroll checks.

2. Require mandatory vacations for those with payroll responsibilities, having other employees perform this function in their absence.

3...

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