Payroll Service Providers

Payroll Service Providers

Many payroll service providers perform cybersecurity and IT compliance audits. With payroll being such an important function, many businesses will not even consider contracting with a payroll service provider if they do not have a SOC audit. If payroll is processed incorrectly, it can have a material impact on the user organizations financial statements. Additionally, the payroll process is considered to be “in-scope” in terms of SOX compliance. If the payroll service provider does not have a SOC audit, they may have to endure several audits by accounting firms throughout the year.