Question

Security Controls to Protect Assets

What are the control measures currently in use to protect against payroll fraud?
What are the vulnerabilities related to payroll fraud found by the risk assessment team?

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Must be 250 words

Answer 1

Answer)

There would be multiple departmental segregations of the duties for protecting against the payroll fraud and having a pre and post validation process would definitely help and multi-layer authorization, as well as separate approval, helps to measure risk and prevent it.

Control Measure:

1) To have a proper audit that is internal as well as external audits to check about all the payroll payments

2) To make necessary changes to the authorization

3) To changing any tracking logs and have a computerized payroll module

4) To always having an error checking report and expensing the trending lines

5) To restricting access to specific records and having a separation of the duties.

Some of the payroll fraud associated with risk assessment teams are as mentioned below:

1) Time theft which is otherwise known as timesheet falsification which happens when the employee would report about the working more hours than actually should and inflating their paycheck in process.

2) Falsifying the wages wherein working alone or in coordination, mostly the workers falsify their wages before the payroll runs either by that of upping the wage rate and enhancing the sales rate.

3) Ghost Employee who are mostly non existence but receive the paycheck

4) Expense Reimbursement Fraud which happens when the workers would get paid back for the company's expenses that mostly didn't take place

5) Employee misclarification which happens when employee steal from that of the employers

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