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.