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What risks are associated with the payroll procedures depicted in the flowchart? b. Discuss two control techniques that will reduce or eliminate the risks.

What risks are associated with the payroll procedures depicted in the flowchart? b. Discuss two control techniques that will reduce or eliminate the risks.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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518 2. Payroll Controls Refer to the Problem 2 flowchart in the next column. Required: a. What risks are associated with the payroll procedures depicted in the flowchart? b. Discuss two control techniques that will reduce or eliminate the risks. Problem 2: Payroll Controls Employee Timecard D Paycheck Rec Pept Chapter 10: Auditing the Expenditure Cycle Supplier Invoice A B Supervisor Timecard Supervisor Approves and Signs Timecards Paycheck Supervisor Distributes Paychecks to Employees Problem 3: System Flowchart Analysis Accounts Payable Rec Pept C Supplier Invoice Payroll Department A Timecard Prepare Paychecks Paycheck Rec Pept Rec Pept Supplier Invoice A Dept X Supplier Invoice E A 3. System Flowchart Analysis Using the Flowchart labeled Problem 3, answer the follow- K P ing questions: a. What are the names of Departments X and Y? b. What are the names of the documents that are iden- tified by letters in the system? Use the following format: Doc A = (Name of document here), etc. c. What are the processes that are represented by letters in the system? d. What are the files that are represented by letters in 4. System Flowchart Analysis Refer to the system flowchart labeled Problem 4. the system? e. What is represented by the terminal labeled "Z"? Required: a. Discuss the uncontrolled risks associated with the systems as currently configured. b. Describe the controls that need to be implemented into the system to mitigate the risks in the given scenario. H 5. Payroll Fraud John Smith worked in the stockyard of a large building supply company. One day he unexpectedly and without notice left for California, never to return. His foreman Z F G Dept Y N J
Transcribed Image Text:518 2. Payroll Controls Refer to the Problem 2 flowchart in the next column. Required: a. What risks are associated with the payroll procedures depicted in the flowchart? b. Discuss two control techniques that will reduce or eliminate the risks. Problem 2: Payroll Controls Employee Timecard D Paycheck Rec Pept Chapter 10: Auditing the Expenditure Cycle Supplier Invoice A B Supervisor Timecard Supervisor Approves and Signs Timecards Paycheck Supervisor Distributes Paychecks to Employees Problem 3: System Flowchart Analysis Accounts Payable Rec Pept C Supplier Invoice Payroll Department A Timecard Prepare Paychecks Paycheck Rec Pept Rec Pept Supplier Invoice A Dept X Supplier Invoice E A 3. System Flowchart Analysis Using the Flowchart labeled Problem 3, answer the follow- K P ing questions: a. What are the names of Departments X and Y? b. What are the names of the documents that are iden- tified by letters in the system? Use the following format: Doc A = (Name of document here), etc. c. What are the processes that are represented by letters in the system? d. What are the files that are represented by letters in 4. System Flowchart Analysis Refer to the system flowchart labeled Problem 4. the system? e. What is represented by the terminal labeled "Z"? Required: a. Discuss the uncontrolled risks associated with the systems as currently configured. b. Describe the controls that need to be implemented into the system to mitigate the risks in the given scenario. H 5. Payroll Fraud John Smith worked in the stockyard of a large building supply company. One day he unexpectedly and without notice left for California, never to return. His foreman Z F G Dept Y N J
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