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Flowcharting Problem: Payroll Process A CPA's CPA's audit working working papers contain a narrative narrative description of a segment of the Croyden Factory, Factory, Inc, payroll system and an accompanying flowchart as follows:
!A""A#I$% #he internal control system with respect to the personnel department is well&functioning and is not included in the accompanying flowchart At the beginning beginning of each work week, week, payroll clerk no reviews the the payroll department files to determine the employment status of factory employees and then prepares time cards and distributes them as each individual arrives at work #his payroll clerk, who is also responsible for custody of the signature stamp machine, verifies the identity of each payee before delivering signed checks to the foreman At the end of each work week, the foreman distributes distributes payroll checks checks for the preceding work week Concurrent with this activity, activity, the foreman reviews reviews the current week's employee time cards, notes the regular and overtime hours worked on a summary form, and initials the aforementioned time time cards #he foreman then delivers delivers all time cards and unclaimed unclaimed payroll checks to payroll clerk no (
"%)*I"%+ A- .ased on the narrative and Fig /0, what are the weaknesses in the system of internal accounting control1
!ote: +o not discuss the internal control system of the personnel department CPA-
Answer to Case:
CPA %2amination, *nofficial Answer
3eaknesses in the system of internal control are the following: 4ack of approval of the foreman's timecard by an appropriate supervisor is an unsound practice %mployees should not be permitted to maintain their own time records and submit them without approval ( #he computation of overtime and regular hours prepared by payroll clerk no ( that is used in the preparation of the payroll register is not compared with the summary of the regular and overtime hours prepared by the foreman 5 Arithmetic computations and rates of pay used in the preparation of the payroll register are not checked by a person who is independent of their preparation and payroll register columns are not verified re&added- by a person other than the preparer of the payroll register 6 Payroll checks are not reconciled to the payroll register in order to prevent improper disbursements 7 A signature stamp machine should not be in the custody of any payroll clerk who has access to unsigned checks 0 8ince the paymaster should be independent of the payroll process, signed payroll checks should not be distributed by the foreman / *nclaimed payroll checks should be in the custody of an employee who is independent of the payroll process 9 #he comparison of regular and overtime hours indicated on payroll checks with regular and overtime hours indicated on time cards should not be performed by the clerk who is responsible for the original computation of regular and overtime hours indicated on the time cards #he comparison of gross and net payroll indicated on payroll checks with gross and net payroll indicated in the payroll register should not be performed by the clerk who is responsible for preparing the payroll register ;ne should also in