List three internal control issues regarding the HR and Payroll department.
Internal control procedures, the practices and guidelines a business follows to protect its resources, are especially important when recording, preparing and distributing the payroll
3 internal control issues regarding hr and payroll department are following.
1. Payroll calculation controls
If someone is calculating payroll manually, then second person Must verify all the calculations. Including the hours worked , pay rate used and tax deduction made.
A person preparing payroll must not approve the timesheets of the employee.
2. Payment controls
Payment to employees must be made from a separate bank account so to trace it for further requirements.
It is easy to verify the payment made if made from one separate account.
3. Recording time work
Time sheets must be signed by the employee;
Then reviewed, approved and signed by a supervisor when applicable. T
off or unpaid absences should be reflected on the appropriate time sheet
List three internal control issues regarding the HR and Payroll department.
Payroll Internal Controls Activity Using the figure from your book of the payroll accounting system procedures, list an effective internal control activity for each process, and how you would implement it. It could be a preventive, detective, or corrective. 1. Record hours worked or units produced:............................................................... 2.Compute gross pay, deductions, and net pay:..................................................................... 3.Complete payroll register:..................................................................... 4.Prepare various payroll reports:..................................................................... 5.Record payroll in accounting books:..................................................................... 6. Makepayments to employees (cash, check, or electronic deposit):..................................................................... 7.Update employees’earnings records:..................................................................... 8.Maintain payroll deduction...
List several control activities of an effective internal control?
A. Provide your answers to the following questions regarding internal auditing and sampling 1. List the steps involved in attribute sampling. 2. What is meant by "sampling risks" and what is its impact on audit findings? 3. Identify and define the factors that affect the size of an attribute sample. 4. Explain how the purpose of statistical sampling in tests of monetary values differ from the purpose of statistical sampling in tests of control activities. B. Discuss a situation within Payroll...
1: What is Douglas McGregor’s main point regarding internal control?
Check m Required: Match the following internal controls with the categories of control activities. Control Activities C Internal Controls Separate handling cash (receipt and deposit) functions from record-keeping functions (recording transactions in the accounts receivable subsidiary ledger). Require purchases, payroll, and cash disbursements to be authorized by a designated person Require accounting department employees to take vacations. d. Separate purchasing functions from payables functions. e. Ensure that the same person isn't authorized to write and sign a check f. When...
How would you mitigate risk for purchases, payroll, and fixed assets? Describe a possible internal control plan for purchases and fixed assets.
internal controls are an essential requirement of a payroll system in a large organisation. Evaluate the main relevant functions of the payroll system and explain the role played by internal control procedures
question # 41 Indicate whether the following statement regarding internal control is true or false. Computer systems have eliminated the need for internal controls in business True or False True False
Jane Cooper's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. Copper's allocates Personnel Department costs on the basis of the number of employees and Payroll Department costs on the basis of gross payroll. Cost and allocation information for June is as follows: Personnel Payroll Houseware Clothing Furniture Direct Department Cost $15,600...
Requirement a. For each internal control, identify the type(s) of specific control activity (or activities) to which it applies (such as adequate documents and records or physical control over assets and records). Internal control Control activity(ies) Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the 1. employee's background, former employers, and references. Approval of department head or foreman on time records is required 2. before preparing payroll. Adequate documents and records All...