In which 2 scenarios would it be best practice to delete a paycheck? An employee notifies the employer that the processed payroll is incorrect An employee notifies the employer that their address is not correct before payroll is processed A duplicate paycheck was created and has not been processed The paycheck has not been processed and is incorrect The bank mistakenly cleared the check two times
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- There are three employees in the accounting department: payroll clerk, accounts payable clerk, and accounts receivable clerk. Which one of these employees should not make the daily deposit? A. payroll clerk B. account payable clerk C. accounts receivable clerk D. none of themOn December 29, 2019, an employee received a 5,000 check from her employers client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30, 2019. The employer deposited the check on December 31, 2019, but the bank did not credit the employers bank account until January 2, 2020. When is the cash basis employer required to include the 5,000 in gross income?If a CPP amount is missing from a payroll journal entry, it is most likely that - Ono linked account is entered for CPP Payable the employee's date of birth was entered incorrectly CPP is not required in the province of employment all of the above are possible explanations for the missing amount
- An auditor found that employee time records in one department are not properlyapproved by the supervisor. Which of the following could result?(1) Duplicate paychecks might be issued.(2) The wrong hourly rate could be used to calculate gross pay.(3) Employees might be paid for hours they did not work.(4) Payroll checks might not be distributed to the appropriate employeesEnnis Locatelli is a new payroll accountant at Avata Electronics. In his review of previous manual payroll records, he noted several errors that required the issuance of additional checks to employees for unpaid payroll amounts. What are Ennis’s options to avoid similar problems in the future?A large retail enterprise has established a policy that requires the paymaster to deliver all unclaimed payroll checks to the internal audit department at the end of each payroll distribution day. This policy was most likely adopted toa. Ensure that employees who were absent on a payroll distribution day are not paid for that day.b. Prevent the paymaster from cashing checks that are unclaimed for several weeks.c. Prevent a bona fide employee’s check from being claimed by another employee.d. Detect any fictitious employee who may have been placed on the payroll
- 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.Control risk is the risk that a material misstatement in an account will not be prevented or detected on a timely basis by the client’s internal controls. The best controlto prevent or detect fictitious payroll transactions is to(1) use and account for prenumbered payroll checks.(2) obtain authorization from human resources for hiring, pay rate, job status andtermination.(3) verify internally authorized pay rates, computations, and agreement with thepayroll register.(4) conduct periodic independent bank reconciliations of the payroll bank account.The following misstatements are included in the accountingrecords of Lathen Manufacturing Company:1. Joe Block and Frank Demery take turns “punching in” for each other every few days.The absent employee comes in at noon and tells his foreman that he had car troubleor some other problem. The foreman does not know that the employee is getting paidfor the time.2. The foreman submits a fraudulent time card for a former employee each week anddelivers the related payroll check to the employee’s house on the way home fromwork. They split the amount of the paycheck.3. Employees often overlook recording their hours worked on job-cost tickets asrequired by the system. Many of the client’s contracts are on a cost-plus basis.4. Direct labor was unintentionally charged to job 620 instead of job 602 by the payrollclerk when he key-entered the labor distribution sheets. Job 602 was completed andthe costs were expensed in the current year, whereas job 620 was included in workin-process.5. The payroll…
- There are three employees in the accounting department: payroll clerk, accounts payable clerk, andaccounts receivable clerk. Which one of these employees should not make the daily deposit?A. payroll clerkB. account payable clerkC. accounts receivable clerkD. none of themInternal Control Questionnaire Items: Assertions, Tests of Controls, and PossibleErrors or Frauds. Following is a selection of items from the payroll processing internalcontrol questionnaire in Exhibit 5.15.1. Are names of terminated employees reported in writing to the payroll department?2. Are authorizations for deductions signed by the employee on file?3. Is there a timekeeping department (function) independent of the payroll department?4. Are timekeeping and cost accounting records (such as hours, dollars) reconciled withpayroll department calculations of hours and wages?Required:For each of the four preceding questions:a. Identify the assertion to which the question applies.b. Specify one test of controls an auditor could use to determine whether the control wasoperating effectively.c. Provide an example of an error or fraud that could occur if the control were absent orineffective.d. Identify a substantive auditing procedure that could detect errors or frauds that couldresult…nternal Control Questionnaire Items: Assertions, Tests of Controls, and PossibleErrors or Frauds. Following is a selection of items from the payroll processing internalcontrol questionnaire in Exhibit 5.15.1. Are names of terminated employees reported in writing to the payroll department?2. Are authorizations for deductions signed by the employee on file?3. Is there a timekeeping department (function) independent of the payroll department?4. Are timekeeping and cost accounting records (such as hours, dollars) reconciled withpayroll department calculations of hours and wages?Required:For each of the four preceding questions:a. Identify the assertion to which the question applies.b. Specify one test of controls an auditor could use to determine whether the control wasoperating effectively.c. Provide an example of an error or fraud that could occur if the control were absent orineffective.d. Identify a substantive auditing procedure that could detect errors or frauds that couldresult from…