Internal Controls for Payroll - Tracy Arner

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Separate EvaluationsIs I/C system evaluated byexternal/internal auditors?– If so, how often?– Is the process appropriate?– Is internal control system documentationappropriate and adequate?20
COSO Update – 1 st Quarter 2013Concepts that remain the same– Definition of internal control– 5 components– Criteria used to assess effectiveness– Use of judgment in evaluating effectiveness21
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 and 10: Internal Control Components9
Page 11 and 12: Internal Control Components2 nd Com
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: Ongoing Monitoring• Comparison of
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 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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