ere are some important risks:
Risk of unauthorized work hours / attendance, vacation, overtime, etc.
Risk of timekeeping data not in sync with payroll Application.
Risk of Timekeeping system or Payroll systems’ Application control issues.
Risk of incorrect accrual of wages for unpaid days at the month end.
Risk of incorrect calculation of pay and withholdings.
Risk of misuse of manual payroll checks.
Risk of unauthorized or incorrect changes to mater data of payroll or HR systems.
Risk of existence of fictitious employees or inclusion of terminated employees.
Risk of SOD violations in Timekeeping, Payroll and HR systems.
Risk of incorrect actuarial assumptions or supply / use of incorrect data by the actuaries.
Risk of incorrect medial, pension, bonus, vacation pay and other such accruals.
I will let others talk about controls.