A Company Should Restrict Access to Payroll fiLes (Paper And/or

question 12

Multiple Choice

A company should restrict access to payroll files (paper and/or electronic) as a part of ____.

• A)FATCA requirements
• B)audit trail requirements
• C)compliance with company policy
• D)file security internal controls

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Definitions:

Inadequate Control

A situation where there is insufficient management or oversight, leading to potential problems or failures within an organization.

External Audits

Independent examinations of financial records and activities of an entity to ensure accuracy, compliance, and fairness in reporting.

Internal Audits

Are objective evaluations conducted within an organization to assess the effectiveness of its internal controls, operational procedures, and compliance with relevant laws and regulations.

Crisis Management Team

A group of individuals designated to plan for, respond to, and recover from emergency situations, ensuring the organization's resilience.