Precise Preparation of Policies and Procedures
10 years ago, Congress passed the Sarbanes Oxley Act. For publically traded companies, it mandated Top Management oversight of operation that affected financial status of the company, and the reporting thereof. Policies and procedures are one benchmark used by auditors to ensure compliance with this Act. Even if you’re not publically traded, it makes good sense to have policies and procedures for your payroll department. If done right, they can ensure consistent and timely pr