week 6 - 13.2 You have been hired to evaluate the payroll...

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13.2 You have been hired to evaluate the payroll system for Skip-Rope Manufacturing Company the company processes its payroll in-house. Prepare a list of questions to evaluate Skip-Rope’s internal control structure as it pertains to payroll processing for its factory employees. Each question should be phrased so that it can be answered with a yes or a no; all no answers should indicate a potential control weakness. Include a third column listing the potential problem that could arise if that particular control were not in place. Are separate payroll bank accounts established? Are the duties of authorizing and recording payroll transactions segregated from distribution of paycheck? Are payroll tax liabilities and other voluntary deductions of each employee deducted from paychecks? Are government regulations pertaining to the remittance of taxes and the filing of payroll and HRM reports being met? Are assets safeguarded from losses and theft? Are all legitimate authorize payroll transactions recorded accurately? 13.9 Write a proposal that addresses these five questions. a. How should a student be compensated? (e.g. for attendance, grades). Students should be compensated for both the amount of hours they attended class. However they should maintain at least an average GPA. Students that maintain a higher GPA will be better compensated.
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This note was uploaded on 02/03/2012 for the course ACC564 ACC564 taught by Professor Smith during the Spring '11 term at Strayer.

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week 6 - 13.2 You have been hired to evaluate the payroll...

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