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Segregation of duties is one of the key concepts of internal controls and is also one of the most effective methods to combat employee fraud. Segregation of duties contributes to an organization’s system of checks and balances by assigning discrete duties to separate responsibilities in each business process. In payroll, these responsibilities should be kept separate:
When an organization separates these functions among its staff, it has implemented a strong internal control, which may deter and prevent employee fraud. Ideally, no individual employee should handle more than one of these functions in a process. When duties cannot be segregated, however, compensating controls that prevent, detect or monitor functions should be considered. Compensating controls are typically executed by an independent, supervisory-level employee who does not have ownership, record-keeping, or reconciliation responsibilities for the process. In the discussion below, we have provided examples of several such compensating controls and examples of how you can implement these best practices in your organization
Totally agree with Mr Naim's inputs and additionally we have to consider regulatory compliance as well. In business, organizational decisions on payroll that are taken by some employees & management, which may conflict with regulatory compliance.
