An employee not involved in personnel, timekeeping, supervision of employees, or payroll accounting should distribute checks directly to employees
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An employee not involved in personnel, timekeeping, supervision of employees, or payroll accounting should distribute checks directly to employees
True or False?
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- (a) the payment of an unauthorized employee and (b) omission of payments to an employee may be prevented or detected by what payroll system features?What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? i. Establishing a separate payroll checking account and funding it as an imprest account.The following are typical questions that might appear on an internal control questionnaire for payroll activities: 1. Is there adequate separation of duties between employees who maintain human resources records and employees who approve payroll disbursements? 2. Is there adequate separation of duties between personnel who maintain timekeeping or attendance records for employees and employees who distribute payroll checks? Describe the purpose of each of the above controls
- What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? a. Compare a listing of current and former employees to the payroll register.For the purpose of internal control, the same person who prepares payroll checks should also distribute them. True or False True FalseWhat are solutions a company can take to protect itself against any employees committing fraud through the payroll system?
- The following are typical questions that might appear on an internal control questionnaire for payroll activities: 1. Is there adequate separation of duties between employees who maintain human resources records and employees who approve payroll disbursements? 2. Is there adequate separation of duties between personnel who maintain timekeeping or attendance records for employees and employees who distribute payroll checks? Describe the manner in which each of the above controls might be tested.What is NOT an example of internal control procedures that help prevent payroll fraud? a.Outsource Payroll Administration b.Require mandatory vacations c.Make sure only one person handles payroll functions d.Conduct periodic unannounced auditsWhat is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? e. Cross-footing the payroll register
- Which of the following activities most likely would be considered a weakness in an entity’s internal control over payroll?a. A voucher for the amount of the payroll is prepared in the general accounting department based on the payroll department’s payroll summary. b. Payroll checks are prepared by the accounts payable department and signed by the treasurer. c. The employee who distributes payroll check returns unclaimed payroll checks to the payroll department. d. The personnel department sends employees’ termination notices to the payroll department.The following are typical questions that might appear on an internal control questionnaire for payroll activities: 1. Is there adequate separation of duties between employees who maintain human resources records and employees who approve payroll disbursements? 2. Is there adequate separation of duties between personnel who maintain timekeeping or attendance records for employees and employees who distribute payroll checks? Assuming that the operating effectiveness of each of the above controls is found to be inadequate, describe how the auditors might alter their substantive procedures to compensate for the increased level of control risk.What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? h. Encryption of payroll data both when it is electronically sent to a payroll service bureau and while at rest in the HR/payroll database.
