HRM and Payroll Cycle - Summary
HRM and Payroll Cycle - Summary ACC1006
Popular in Accounting Information Systems
Popular in Accounting
verified elite notetaker
This 1 page Study Guide was uploaded by Wai Chuan on Sunday August 16, 2015. The Study Guide belongs to ACC1006 at National University of Singapore taught by in Summer 2015. Since its upload, it has received 71 views. For similar materials see Accounting Information Systems in Accounting at National University of Singapore.
Reviews for HRM and Payroll Cycle - Summary
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 08/16/15
HRMPayroll Cycle Employment Hiring unqualified or larcenous employeesfictitious employees practices 1 Have a dedicated HR function in charge of hiring and employee management 2 Develop sound hiring procedures including verification of employee skills references and employment history 3 Periodic performance reviews 4 Random checks by management Violation of employment law 1 Thorough documentation of hiring and discharge procedures 2 Train staff to stay uptodate on current developments in employment law Payroll Unauthorized changes to payroll master file processing 1 Segregation of duties HRM department should not participate in payroll processing or paycheck distribution 2 Require supervisory approval of changes to payroll master file 3 Properly document all changes 4 Logical and physical access controls to payroll system restrict permissions for different users Inaccurate time data 1 Have supervisor personally verify hours written on time cards to prevent overclocking 2 Require amendments to be countersigned by supervisors 3 Keep existing time cards under lock arrangements 4 Automation of data collection by use of electronic time clocks or data terminals badge readersbarcode scanners Inaccurate processing of payroll 1 Create a payroll clearing account deposit an amount which exactly equals the batch total 2 Batch processing check total figure against sum of individual employees figures 3 Use GIRO and direct deposit to improve efficiency 4 Outsource payroll and HRM functions to payroll service bureaus or professional employer organizations PEOs Theft or fraudulent distribution of paychecks 1 Segregation of duties Payroll clerk should not handle cash 2 Avoid distributing paychecks via cash use cheques instead 3 Restrict physical access to blank cheques 4 Prenumbering of cheques and proper tracing procedures 5 Cross all cheques written to prevent misappropriation 6 Require all cheques to be countersigned by suitable authority eg Finance Manager 7 Periodic reconciliation of payroll account General 0 Restrict payroll processing and other related activities to being done on onsite office equipment only ie no usage of improvements personal laptopstransferring of work files onto personal data storage devices 9 prevent unauthorized disclosure of data
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'