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HRM and Payroll Cycle - Summary

by: Wai Chuan

HRM and Payroll Cycle - Summary ACC1006

Marketplace > National University of Singapore > Accounting > ACC1006 > HRM and Payroll Cycle Summary
Wai Chuan
GPA 4.0
Accounting Information Systems

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About this Document

A collated table of points for exam prep and cheatsheet use
Accounting Information Systems
Study Guide
50 ?




Popular in Accounting Information Systems

Popular in Accounting

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.


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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


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