Internal Controls for Payroll - Tracy Arner

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Internal Control Components1 st component, Control EnvironmentIntegrity and ethical valuesgifts and gratuities.pdfUGA exampleCommitment to competenceManagement’s philosophy and operating style(Tone at the Top)Assignment of authority and responsibilityHuman resource policies and practices10
Internal Control Components2 nd Component, Risk AssessmentDefined by COSO –Risk assessment is the identification andanalysis of relevant risks to achievement of theobjectives, forming a basis for determining howthe risk should be managed.11
Page 1 and 2: Financial Management Program1
Page 3 and 4: INTERNAL CONTROLDEFINITION3
Page 5 and 6: Internal Control ReviewCOSO’s def
Page 7 and 8: COSO’s Integrated FrameworkIntern
Page 9: Internal Control Components9
Page 13 and 14: Risk AssessmentRisks are eventsthat
Page 15 and 16: Control ActivitiesControl activitie
Page 17 and 18: Internal Control Components4 th Com
Page 19 and 20: Ongoing Monitoring• Comparison of
Page 21 and 22: COSO Update - 1 st Quarter 2013Conc
Page 23 and 24: COSO Update Timelinewww.coso.org201
Page 25 and 26: IMPORTANCE OF INTERNALCONTROLS25
Page 27 and 28: • Most state laws require governm
Page 29 and 30: Can the COSO Framework and the five
Page 31 and 32: PAYROLL AND BENEFITACCOUNTING OVERV
Page 33 and 34: Employee Earnings• Time sheet- Ba
Page 35 and 36: Payroll Deductions and• Social se
Page 37 and 38: Recording Employer’sShare of Bene
Page 39 and 40: PAYROLL PROCESS ANDINTERNAL CONTROL
Page 41 and 42: Payroll Cycle41
Page 43 and 44: Control Objectives• Control opera
Page 45 and 46: 7 Supplementary Objectives• All t
Page 47 and 48: Control Objectives forPayroll1. Pay
Page 49 and 50: Control Objectives forPayroll5. Acc
Page 51 and 52: Control Environment/Payroll• Cont
Page 53 and 54: Internal Control Components53
Page 55 and 56: Risk Assessment andObjective No. 2:
Page 57 and 58: Risk Assessment andPayrollObjective
Page 59 and 60: Control Activities for PayrollFour
Page 61 and 62:
Control Activities for PayrollFour
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Control Activities for Payroll• C
Page 69 and 70:
Information/Communication of Payrol
Page 71 and 72:
Monitoring and Payroll• Are contr
Page 73 and 74:
Monitoring and Payroll• Separate
Page 75 and 76:
What Is Segregation of Duties?• S
Page 77 and 78:
Categories of Duties to be Segregat
Page 79 and 80:
Evaluating Segregation of DutiesFun
Page 81 and 82:
Mitigating or Compensating Controls
Page 83 and 84:
Mitigating orCompensatingControls
Page 85 and 86:
Segregation of Duties85
Page 87:
www.vinsoninstitute.org©2012 The C
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Internal Controls for Payroll - Tracy Arner

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