Question: Using the given major risk areas associated with the payroll cycle, identify and briefly explain the control objectives and the underlying assertions. Payroll process risk

Using the given major risk areas associated with the payroll cycle, identify and briefly explain the control objectives and the underlying assertions.

Payroll process risk assertion:

1. paying fictitious employees

2. overpaying for the time of production

3. incorrect accounting for costs and expense

Control objective:

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