2007_payroll_memo

2007_payroll_memo - Date: Mon, 11 FEB 2008 16:37:45 From:...

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Date: Mon, 11 FEB 2008 16:37:45 From: "Darlene Wardlaw" <DW@aow.cpa> Subject: Payroll One area that we haven’t looked at yet is payroll. Can you get the documentation from Karina for payroll and then complete a “bridge workpaper” like you did for the Revenue and Purchasing cycles? As you review the flowchart, enter circled S- and W-symbols for strengths and weaknesses to cross-reference to your workpapers. 1. Prepare a bridge working paper (ICP-1) describing the strengths and weaknesses identified by number on the payroll flowchart. For each strength, describe one or more test of controls audit procedures that might be used to gather evidence on the control. For each weakness indicate the effect on year-end substantive audit procedures. All hourly employees (clerical and warehouse personnel) are paid biweekly (every 10 workdays) based on hours recorded on time cards maintained by a time clock machine. The time cards are approved by the supervisors. The supervisors take the approved time cards to the payroll department. Salaried employees also are paid biweekly based on a salary schedule approved by the finance committee of the board of directors. (S) The Salaried employees
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This note was uploaded on 09/14/2010 for the course ACC 429 taught by Professor Whitehurst during the Spring '10 term at Chattanooga State.

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2007_payroll_memo - Date: Mon, 11 FEB 2008 16:37:45 From:...

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