What is payrolls audit and how to deductions methods in pay roll method

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Accepted Answer

Payroll audit is a process of reviewing and verifying employee compensation and deductions to ensure accuracy and compliance.

Payroll audit involves examining payroll records, tax withholdings, benefits, and other deductions for accuracy.
Methods for deductions in payroll include statutory deductions like income tax, social security contributions, and voluntary deductions like health insurance premiums.
Auditors may also review payroll policies and procedures to ensure compliance with labor laws and company policies.
Regular payroll audits help prevent errors, fraud, and ensure accurate financial reporting.
Example: Auditors may compare employee time sheets with payroll records to verify hours worked and calculate correct wages.

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