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UNIT 5: Payroll Function - Coggle Diagram
UNIT 5: Payroll Function
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Weaknesses and risks
Example: a weakness in the payment preparation function would be Employees being allowed to collect wages and signing off on behalf of others. The risk here is that individuals could falsely claim that they were unfairly underpaid, this could cause harm to the business on an operational and legal basis.
Ex[planation: A weakness can be described as a loophole in the payroll procedure of a company that, if left unchecked or uncontrolled, can lead to risks that affect the company. A risk is the probable resulting consequence that negatively affects the company due to the lack of implementation of proper external or internal controls that mitigate the weakness.