Division of Duties – Payroll Preparation and Approving Employee Time Charges | PNWC’s Government Contracting Update

Internal Controls are a critical component of nearly every financial transaction, practice, or procedure. Yesterday we discussed a control regarding the division of duties between those who have responsibility for meeting budgets and those responsible for approving time and attendance records (see Division of Duties – Responsibility for Meeting Budgets and Approving Employee Time Charges). Today we want to discuss another internal control related to labor costs – creating a division of duties between those approving time and attendance records and those responsible for the preparation and distribution of payroll.

Source: PNWC’s Government Contracting Update: Division of Duties – Payroll Preparation and Approving Employee Time Charges