Describe a minimum of three ways AIS can help minimize or eliminate inaccurate time and attendance data in a typical company's payroll activity.
Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…
A: Payroll Checking Account:-It is a separate bank account of a business that is only used for payroll…
Q: Payroll Authorization in a Computerized System. Two accountants were discussing control activities…
A: Computerized Payroll System: A system that stores and maintains all the information related to…
Q: What documents are included in the audit trail for payroll?
A: Payroll System: Payroll system is a system within an organization that manages the payment of…
Q: Items 1 through 8 are selected questions typically found ininternal control questionnaires used by…
A: We will answer only first two sub-parts of this question as it is not mentioned which sub-part is to…
Q: below presents the payroll procedures of XYZ Limited. We discussed various aspects of such payroll…
A: Payroll In a simple word payroll means the compensation which are provided by the companies to its…
Q: (a) the payment of an unauthorized employee and (b) omission of payments to an employee may be…
A: Introduction: Payroll is a term that refers to a company's roster of employees and the money sent to…
Q: Which of the following activities most likely would be considered a weakness in an entity’s internal…
A: Answer: Option c
Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…
A: Control procedures are designed with a view to prevent the frauds and errors from occurring in the…
Q: Internal Control Questionnaire Items: Assertions, Tests of Controls, and PossibleErrors or Frauds.…
A: Are names of terminated employees reported in writing to the payroll department? Occurrence- Trace…
Q: The following are internal controls that theauditor has identified for various cycles.1. Sales…
A:
Q: The following are typical questions that might appear on an internal control questionnaire for…
A: The key Internal control activities are as follows:- Segregation of duties Authorization and…
Q: Please help me pass!... Thank you in advance!!
A: Firstly select the payroll register for a specific period, and check the details: Test the…
Q: SYSTEM FLOWCHART—PAYROLL (AUTOMATED PROCESSES)Using the flowchart structure presented in Figure 225…
A: Data Flow Diagram: The graphical representation of the flow of data is known as a data flow diagram.…
Q: List the supporting documents and records the auditorwill examine in a typical payroll audit in…
A: Audit: Audit is the process of verification of the compliance of the financial statements.
Q: Which of the following is a preventive control?a. Reconciliation of a bank account.b. Recalculation…
A: Definition: Prevention control: Prevention control is an activity undertaken to avoid or prevent the…
Q: ich of the following services cannot be performed for a no O Signing payroll checks. O Preparing…
A: Nonissuer client refers to the person or the client or companies who cannot issue securities nor…
Q: According to COSO, the proper segregation of functions is an effective internal control procedure.…
A: Internal controls are set of rules, policies and procedures which enables effective and efficient…
Q: explain why you believe having a payroll journal as a separate entity from the main journal is a…
A: Answer: Payroll journal is posted to identify the payroll to be processed per employees so that the…
Q: Required 1. Prepare a flowchart of the Sherman's payroll system. 2. Discuss the risks for payroll…
A: Payroll System: Payroll system is an arrangement within an organization that manages the payment of…
Q: sses and exampl
A: Here are some of the common risks to be aware of and payroll processes can help in them: Overtime…
Q: Matthew Corp. has changed from a system of recording time worked on clock cards to a computerized…
A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…
Q: Kitty works in the payroll division of Ludlow Ltd. When preparing the weekly payroll summary, she…
A: Review of operational performance means identifying the levels at which all business functions can…
Q: Identify an activity base that could be used to charge user divisions for services for each…
A: Concept Introduction: Activity Based Costing (ABC): ABC costing method is generally used to allocate…
Q: What are the most common errors and frauds in the personnel and payroll cycle? Which control…
A: Payroll cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…
Q: Payroll Processed by a Service Organization. Assume that you are the audit senior conducting a…
A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…
Q: Advise the college on the weakness in its systems and procedures due to payroll fraud.
A: List of some actions to be taken by college on the weakness in its systems and procedures due to…
Q: The staffing service cycle of a company involves events and activities related to the compensation…
A: Auditing in Employees Payroll It is essential for the company to conduct the auditing in the…
Q: What is NOT an example of internal control procedures that help prevent payroll fraud? a.Outsource…
A: Internal control is a technique used by internal management to analyse the efficiency and…
Q: Describe a minimum of three ways Accounting Iinformation System can help minimize or eliminate…
A: Following are the three ways that helps to minimize and eliminate inaccurate time and attendance…
Q: What are the risks prevalent in a payroll system?
A: Payroll system is generally the system used in an organization to manage the salary and wages…
Q: In an automated payroll processing environment, a department manager substituted the time card for a…
A: Internal Controls: Internal controls are the controls established within an organization to check…
Q: payroll system in the accounting department
A: Payroll system integrates all processes that include recording employee details, calculation and…
Q: Control risk is the risk that a material misstatement in an account will not be prevented or…
A:
Q: When control risk is assessed as low for assertions related to payroll, substantive tests of payroll…
A: Solution Concept Control risk It is a risk that the company’s internal control will not be able to…
Q: Match the four functions of payroll activities with their related internal controls: a. An…
A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…
Q: Why is it important for a business to have good internal controls where payroll is concerned? What…
A: Please find the answer to the above questions below:
Q: An employee not involved in personnel, timekeeping, supervision of employees, or payroll accounting…
A: The question is related to internal controls pertaining to payroll. Internal control is a process…
Q: An auditor found that employee time records in one department are not properlyapproved by the…
A: Option 3 is correct.
Q: Using the flowchart structure presented in Figure 2- in the text, prepare a system flowchart of the…
A: Data flow Diagram : The graphical representation of flow of data is known as data flow diagram .…
Q: In the event of payroll fraud, discuss the suggestion that the human elements of control systems are…
A: Employee payroll fraud is a complex problem for small company owners in the United States. The…
Q: what is the most critical risks in your payroll process? What should be the internal control to…
A: Payroll process is the most important process in any organization as it would be a critical factor…
Q: fy types of errors that may cau
A: Payroll records is maintained by the employer which include number of working hours, average pay…
Q: Case Study. In an automated payroll processing environment, a department manager substituted the…
A: Hash Total is the best control technique to detect this action using employee identification…
Q: Conditions that warrant the need for strong controls relating to the payroll process include all of…
A: Payroll process: Under payroll process employee is registered with the company. A salary is fixed…
Q: What are the most frequent mistakes and scams that occur in the payroll and personnel processes?? In…
A: This question explains about the most frequent mistakes and scams that occur in the payroll and…
Describe a minimum of three ways
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Describe a minimum of three ways Accounting Iinformation System can help minimize or eliminate inaccurate time and attendance data in a typical company's payroll activity.The Accounting Iinformation System may assist to decrease or eliminate erroneous time and attendance data in a typical company's payroll activity in a minimum of three waysPls further explain the diagram above and identify types of errors that may cause a payroll record to be placed in the error file.
- Describe a walkthrough of the payroll transaction flow from hiring authorization to payroll checkdisbursement. (a) What document copies would be collected? (b) What controls should be noted?In an automated payroll processing environment, a department manager substituted the time card for a terminated employee with a time card for a fictitious employee. The fictitious employee had the same pay rate and hours worked as the terminated employee. The best control technique to detect this action using employee identification numbers would be aa. batch total.b. record count.c. hash total.d. subsequent check.e. financial total.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.
- Refer to the flowchart.a. What risks are associated with the payroll procedures depicted in the flowchart?b. Discuss two control techniques that will reduce or eliminate the risks.Which of the following activities performed by a department supervisor most likely would help to prevent or detect a payroll fraud?a. Distributing paychecks directly to department employees.b. Setting the pay rate for departmental employees.c. Hiring employees and authorizing them to be added to payroll.d. Approving a summary of hours each employee worked during the pay period.Payroll: Risks and Controls Below are some of the processes that are typically executed before, during, and after a payroll cycle: Employees record their hours worked. The supervisor reviews and approves each employee's time records with their signature. An officer from the Human Resources department updates employee files after receiving authorized records of overtime and leaves (vacations, illness, etc.) from the supervisor. Afterward, approved records are sent to the payroll officer in the accounting department. The payroll officer calculates the gross payment, applies deductions, and calculates the net payment. Subsequently, the final payroll is sent for the controller's approval. Payments are issued to employees using their preferred delivery method (check or direct deposit). Entries are generated for the corresponding payroll transactions. Withholdings for payroll taxes, Social Security, and Medicare are respectively remitted to the Department of Treasury and the Internal…
- The purpose of separating the duties of hiring personnel and distributing payroll checks is toseparate thea. Authorization of transactions from the custody of related assets.b. Operational responsibility from the record-keeping responsibility.c. Human resources function from the controllership function.d. Administrative controls from the internal accounting controls.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 controlsMatch the four functions of payroll activities with their related internal controls: a. An independent employee should sign and distribute the prenumbered checks. select a function Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping b. Supervisors should monitor hours worked through time reports. select a function Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping c. Human Resources department should authorize employment. select a function Hiring EmployeesPaying the PayrollPreparing the PayrollTimekeeping d. Two or more employees should verify payroll amounts. select a function