Transcription of FY15 IC Payroll Chapter 4 Effective IC over Payroll
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FY15 IC Payroll Chapter 4 Effective IC over Payroll
4 1 Chapter 4 Effective INTERNAL CONTROLS OVER Payroll INTRODUCTION AND LEARNING OBJECTIVES Every organization, including governments, require employees to assist in meeting their goals and objectives. The cost of employing these individuals are reflected in salaries and wages and the associated benefits. The principal purpose of any Payroll department is to pay the employees and remit associated deductions, taxes, and benefits. Internal controls are necessary for this department to function effectively, efficiently and within the parameters set by management. After completing this Chapter , you should be able to Explain the Payroll process Recognize the objectives for Payroll Link the Payroll objectives to the five interrelated components of an Effective internal control system DEFINING THE Payroll PROCESS One of the largest expenditures for most governments is the payment of employees for providing services.
system for payroll. THE CONTROL ENVIRONMENT AND PAYROLL Controls can either be an entity control or an application control. The control environment is ... Written procedures should be provided in the payroll area. These procedures should cover all phases of payroll from when an employee is hired through the employee’s
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