Internal Controls for Payroll - Tracy Arner

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7 Supplementary Objectives• Recorded transactions are classifiedcorrectly using Chart of Accounts• Record transaction in timely manner• Transactions recorded to subsidiary ledgersand posted to general ledgerAlan Trenerry, Principles of Internal Control (Sydney: UNSW Press, 1999) 9-10.46
Control Objectives forPayroll1. Payroll transactions are preapproved orauthorized2. Only valid transactions are recorded andthey are recorded in proper period3. Valid transactions are accurate, agreewith source documents and recorded ona timely basis47
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 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: 7 Supplementary Objectives• All t
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

Internal Controls for Payroll - Tracy Arner

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