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HR - changes being made b Should be updated often by...

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Kelsey Brozek HR Payroll and Fixed Assets Controls 4/25/11 1) the process for ordering receiving and paying for the asset are the same basic processes. However, it has to be changed a bit because of the size of the fixed asset transactions. Differences: o The orders for machinery and equipment almost always involve a formal request for competitive bids by potential suppliers o Often paid for in installments, including interest, so the AIS must keep accurate, detailed records of outstanding purchases of inventory and supplies o More elaborate controls (RFID tags) 2. Formally approve and accurately record its sale or disposal a. sold? Depends on quality and availability for re-use b. hard drives need to be completely dismantled and destroyed (soak in salt water?) some parts can be sold 3. a) All employees should be added through HRM, should have validity checks on employee number and reasonableness tests for
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Unformatted text preview: changes being made b) Should be updated often, by multiple members of management c) Some other control needs to be implemented, manager must validate time every day? d) Logical access controls, who should have access to the master files. Again, should be checked often and physically e) Proper scrapping procedures, a process should be implemented. Multiple people should be involved f) Logical access controls to the disbursement card or funds g) Process need be implemented that lists approved vendors, the purchase should go through the purchasing department who will verify it’s the best price h) Process for disposal (or lack thereof) before validating purchase of new machine i) For this expensive a process, there should be multiple management approvals to go through. The receipt should be given to management for proper documentation and record...
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