Explain the internal control procedures that Research Sdn Bhd should adopt over the updating of its wages master file with regard to interviewer starters and leavers.
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Explain the internal control procedures that Research Sdn Bhd should adopt over the updating of its wages master file with regard to interviewer starters and leavers.
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- Glasscon (Pty) Ltd, a manufacturer of glass containers, has recently been awarded a major contractwhich will require the company to employ approximately thirty new hourly paid factory workers.With recruiting procedures completed, the newly appointed personnel must be added to theemployee Masterfile. The company’s payroll cycle is fully computerised.Describe the controls which should be carried out to ensure that only validly appointed employeesare added to the employees masterfile and that all details pertaining to the additions, areaccurately and completely recorded.Research Sdn Bhd is a marketing research firm. The company employs an interview manager to control 40 interviewers who conduct interviews with hypermarket customers. The interviewers are paid monthly in arrears for hours worked, with hourly rates and productivity bonus payments being dependent on surveys undertaken. They submit their monthly time sheets to the company’s head office for processing and the company operates a separate monthly payroll specifically for interviewers’ wages. The company’s wages software program produces on request: A master file update report – detailing the update report number, the amendments madesince the last report, and the number of existing employees on file. A current period payment details report – showing gross payment, deductions and netpayment amounts – by employee and in total. Wage slips – the computerised production of which is requested only after other controlprocedures employed have ensured that information provided on the current…LPC Bank operates a call centre to deal with customer queries. The following information is available: 120 call centre operators work in teams. Each team has a supervisor. There are eight supervisors. Call centre operators are paid RM8 per hour and supervisors are paid RM15 per hour. All staff work a 36-hour week. Bonuses are paid to call centre operators if they achieve efficiency and quality targets. For example, if 100% efficiency and quality are achieved the call centre operator receives a bonus of 20% of their basic pay. Bonuses are paid to supervisors if their teams achieve targets. For example, if the team achieves the target of 100% then the supervisor receives a bonus of 20% of their basic pay. Targets and bonuses for call centre operators and supervisors are given in the table below: Target achieved 100% 95% 90% Bonus paid 20% 15% 10% In week 12 the number of call centre operators and supervisors achieving targets was as follows: Target…
- Research Sdn Bhd is a marketing research firm. The company employs an interview manager to control 40 interviewers who conduct interviews with hypermarket customers. The interviewers are paid monthly in arrears for hours worked, with hourly rates and productivity bonus payments being dependent on surveys undertaken. They submit their monthly time sheets to the company’s head office for processing and the company operates a separate monthly payroll specifically for interviewers’ wages. The company’s wages software program produces on request: A master file update report – detailing the update report number, the amendments madesince the last report, and the number of existing employees on file. A current period payment details report – showing gross payment, deductions and netpayment amounts – by employee and in total. Wage slips – the computerised production of which is requested only after other controlprocedures employed have ensured that information provided on the current…Matt Demko is the loading dock supervisor for a dry cement packaging company. His work crew is composed of unskilled workers who load large transport trucks with bags of cement, gravel, and sand. The work is hard, and the employee turnover rate is high. Employees record their attendance on separate time cards. Demko authorizes payroll payments each week by signing the time cards and submitting them to the payroll department. Payroll then prepares the paychecks and gives them to Demko, who distributes them to his work crew. a. Prepare a systems flowchart of the procedures described here. b. Identify any control problems in the system. c. What sorts of fraud are possible in this system?The Tennis Club Company makes custom tennis rackets. The manufacturing supervisor interviews people who have specialized manufacturing skills for recruitment, and he informs payroll when an employee is hired. The employees punch a card to a time clock to record the hours they work. The employees are also required to keep a record of the time they spend working on each order. The supervisor approves all time cards. The accountant analyzes the job tickets and prepares a labor distribution summary. Payroll prepares the payroll register and paychecks. The supervisor distributes the paychecks to the employees. Payroll informs cash disbursement of the funds required to cover the entire payroll amount. The cash disbursements clerk ensures that there are adequate funds in the company's regular checking account to cover the payroll. Required: 1. Identify and discuss three internal control weaknesses. 2. Suggest an improvement to internal control for each weakness.
- You are a management accountant for Time Treasures Company, whose company has recently signed an outsourcing agreement with Spotless. Inc., a janitorial service company. Spotless will provide all of Time Treasures janitorial services, including sweeping floors, hauling trash, washing windows, stocking restrooms, and performing minor repairs. Time Treasures will be billed at an hourly rate based on the type of service performed. The work of common laborers (sweeping, hauling trash) is to be billed at $8 per hour. More skilled (repairs) and more dangerous work (washing outside windows on the 23rd floor) are to be billed at $18 per hour. Supervisory time is to be billed at $20 per hour. Spotless will submit monthly invoices, which will show the number and types of hours for which Time Treasures is being charged. The outsourcing contract is simple and straightforward. A. What are some of the internal control problems you foresee as a result of our sourcing the janitorial service with this contract? B. Explain recommendations to control risk that would you suggest after reviewing the contract.Thayne Company has 30 clerks that work in its Accounts Payable Department. A study revealed the following activities and the relative time demanded by each activity: Required: Classify the four activities as value-added or non-value-added, and calculate the clerical cost of each activity. For non-value-added activities, indicate why they are non-value-added.Shadder is a small company that manufactures knitwear products. It employs approximately 120 staff, all of whom are paid by bank transfer. Permanent factory staff are paid on a weekly basis based on the number of hours worked as evidenced by clock cards. Administration and sales staff are paid a monthly salary. The two directors of the company are also paid a monthly salary. Sales staff are paid a quarterly bonus calculated on the basis of sales. Directors are paid an annual bonus based on profits. During peak production seasons, temporary factory staff are hired through an agency and are paid on a weekly basis, based on their output. Supervisors at Shadder authorise documentation indicating the number of items produced by temporary staff. The agency is then paid by bank transfer and it is responsible for paying the temporary staff and for the deduction of tax and national insurance. You will be performing the audit of the financial statements for the year ending 31 March 2021 and you…
- Elite Consulting Ltd offers a range of immigration consulting services. The company’s service costingsystem estimates the cost of each consulting job by accumulating costs of the professional labour thatworks on the job plus a charge for overhead.The cost of professional labour is charged to jobs using the following three rates:Cost per hour Charge out rate for billing system Visa application $300 per hour $630 per hourVisa extension $75 per hour $350 per hourAAT appeal $225 per hour $1000 per hour The predetermined overhead rate is based on professional labour costs, which are budgeted to be$663600 for the current year. The estimated overhead costs for the current year are budgeted to be:Management salaries $850,000Salaries of administration staff $285,000Depreciation on IT hardware and software $240,000Office supplies $2,250Telecommunications $3,150Insurance $150,000Depreciation on office fixtures and fittings $11,250Rent $100,000Electricity $45,000Council rates $23,300 During June…Winkle, Kotter, and Zale is a small law firm that contains 10 partners and 12 support persons. The firm employs a job-order costing system to accumulate costs chargeable to each client, and it is organized into two departments—the Research and Documents Department and the Litigation Department. The firm uses predetermined overhead rates to charge the costs of these departments to its clients. At the beginning of the current year, the firm's management made the following estimates for the year: Department Researchand Documents Litigation Research-hours 20,400 - Direct attorney-hours 9,300 16,400 Materials and supplies $ 17,700 $ 5,500 Direct attorney cost $ 430,100 $ 799,400 Departmental overhead cost $ 714,000 $ 311,766 The predetermined overhead rate in the Research and Documents Department is based on research-hours, and the rate in the Litigation Department is based on direct attorney cost. The costs charged…Sherman Company employs 400 production, maintenance, and janitorial workers in eight separate departments. In addition to supervising operations, the supervisors of the departments are responsible for recruiting, hiring, and firing workers within their areas of responsibility. The organization attracts casual labor and experiences a 20 to 30 percent turnover rate in employees per year.Employees clock on and off the job each day to record their attendance on time cards. Each department has its own clock machine located in an unattended room away from the main production area. Each week, the supervisors gather the time cards, review them for accuracy, and sign and submit them to the payroll department for processing. In addition, the supervisors submit personnel action forms to reflect newly hired and terminated employees. From these documents, the payroll clerk prepares payroll checks and updates the employee records. The supervisor of the payroll department signs the paychecks and…