The Two Most Common Areas of Fraud in Payroll Are

question 63

True/False

The two most common areas of fraud in payroll are the creation of fictitious employees and the overstatement of individual payroll hours.

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Definitions:

Privity Of Contract

The principle that contracts are binding only on the parties signing the agreement, not on any third parties.

Loan Default

The failure to meet the legal obligations or conditions of a loan, such as not making scheduled payments on time.

Sarbanes-Oxley Act

A U.S. federal law enacted to protect investors from the possibility of fraudulent accounting activities by corporations.

Government Oversight

The monitoring and evaluation of activities by government agencies or legislative bodies to ensure compliance with laws, regulations, and policies.