INTERNAL CONTROLS—PAYROLL EXERCISE …

1 INTERNAL CONTROLS payroll EXERCISE solutions chapter 4 1. payroll 2. control 3. Authorizaton, Documentation, Reconciliation 4. Possible answers include: a. Enrollment periods for benefits b. Pay periods and dates c. Holidats d. Furlough days e. Personnel policies and procedures f. Salary information g. Benefits payment h. Tax withholding 5. Risk assessment 6. Participant answers will vary chapter 5 1. Answers are as follows: A. Custody of asset B. Authorization C. Record-keeping D. Authorization E. Reconciliation F. Authorization G. Custody of assets H. Custody of assets I. Record-keeping J. Reconciliation K. Authorizaton 2 2. Note participant s answsers may vary. Key is to assign different responsibilities between employees. At a minimum, Record-keeping and Reconciliation should be kept separate. Task Authorization Custody Record-keeping Reconciliation Entry of time worked Nora Approval of preliminary payroll register Laura Printing of payroll Checks Nora Posting of payroll Adjustments Laura Bank Reconciliation Sam Reconciliation of payroll withholding accounts Sam 3.

1 INTERNAL CONTROLS—PAYROLL EXERCISE SOLUTIONS CHAPTER 4 1. Payroll 2. Control 3. Authorizaton, Documentation, Reconciliation 4. Possible answers include:

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