Explain in detail how the following relate to Advanced Technology Payroll Systems: Human Resources, Cost Accounting, Employee Timekeeping, Data Processing.
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Explain in detail how the following relate to Advanced Technology Payroll Systems: Human Resources, Cost Accounting, Employee Timekeeping, Data Processing.
Explain the following: Time and Attendance File, Biometric Time Clock, Magnetic Swipe ID Cards, Proximity Cards, Mobile Remote Devices.
What are the payroll systems risks and internal controls?
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- 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.Which preventive, detective, and/or corrective controls would best mitigate the following threat, and why? (b) A salesperson successfully logged into the payroll system by guessing the payroll supervisor’s password.An audit client has engaged a third-party service organization tohost its payroll software package on servers located at the service organization. What optionsdo you have to obtain assurance about the controls embedded in the payroll application?
- 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…What functions can be performed by an automated payroll system?Describe a minimum of three ways AIS can help minimize or eliminate inaccurate time and attendance data in a typical company's payroll activity.
- Prepare a Context Diagram for a simple Payroll Processing System of a company.Case Study. 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______________. Explain your answer.Using the flowchart structure presented in Figure 2- in the text, prepare a system flowchart of the pro- cess outlined in Problem 3. Assume the following: Hard-copy timesheets are submitted by employees to department management. Managers submit the time sheet data digitally from their department terminals to the automated payroll application located in the data center. The automated system posts the transactions to the digital payroll file. The system also prepares and distributes hard- copy checks and cost center reports to employees and management respectively. Managers review the reports and file them in their departments
- Discuss the risks depicted by the payroll system flowchart. Describe the internal control improvements to the system that are needed to reduce these risks.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.Discuss the importance of employee timekeeping in preparing the payroll? Discuss the different technologies used for employee timekeeping that improves the accuracy of the information gathered?
