How internal controls in payroll should be communicated to individuals and parties affected by the internal...

How internal controls in payroll should be communicated to individuals and parties affected by the internal controls, i.e., accounting personnel, auditors?

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Determine how a strategic plan can be communicated to internal and external parties.

Attached is a Payroll Flowchart Payroll Flowchart.pdf from your SUA booklet. Identify 3 internal controls from...

Attached is a Payroll Flowchart Payroll Flowchart.pdf from your SUA booklet. Identify 3 internal controls from the attached Flowchart and fully explain them in terms of objectives, activities, functions, segregation of duties (if applicable) and how they work. You will need to write about 6 to 10 COMPLETE sentences for each internal control.

What are some of the internal controls that an accountant should put into place to determine...

What are some of the internal controls that an accountant should put into place to determine if accounts payable are being accounted for correctly?

Briefly describe the purpose of internal controls in a company and the importance of internal controls...

Briefly describe the purpose of internal controls in a company and the importance of internal controls as related to cash.

16-35 (Potential misstatements/tests of controls—payroll) The following questions are included in the internal control questionnaire on...

16-35 (Potential misstatements/tests of controls—payroll) The following questions are included in the internal control questionnaire on control procedures for payroll transactions in the Pena Company: 1. Are pay rates, payroll deductions, and terminations authorized by the personnel department? 2. Are time clocks and clock cards used? 3. Is there supervisory approval of time worked by each employee? 4. Are payroll checks signed and distributed by treasurer office personnel? 5. Is there internal verification of payroll checks with payroll register data?...

Internal controls 1. Any changes to employee master file information since the last payroll period are...

Internal controls 1. Any changes to employee master file information since the last payroll period are evaluated to ensure that they have been properly authorized by the appropriate personnel. 2. The output is reviewed for reasonableness prior to distribution to users. Consider the four methods of testing the operating effectiveness of controls (inquiry, observation, document examination, and re-performance). For each of the preceding controls, provide an example of how Mark's audit team might choose to test the operating effectiveness of...

Defining internal control Internal controls

Question Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records.Requirements1. Which objective do you think is most important?2. Which objective do you think the internal controls must accomplish for the business to survive? Give your reason.

Explain how internal controls affect the liquidity of a company.

What are some internal controls for inventory? How do these controls change between industries?

Indicate whether the following represent IT input controls, processing controls, or output controls. •In the payroll...

Indicate whether the following represent IT input controls, processing controls, or output controls. •In the payroll system, work hours entered for a single employee for a week cannot exceed 70. •In the purchasing system, list of vendor checks printed is scanned by the controller before checks are mailed. •In a sales system, invoices would not be printed if total revenue doesn't match quantity times sales price. •In the purchasing system, vendor invoices cannot be entered if the vendor name doesn't...

Subjects