Are any time lags in recording economic events typically experienced in payroll systems? If so, what are they? Discuss the accounting profession's view on this matter as it pertains to financial reporting. The management of an organisation with a remote workforce is concerned that employees are clocking on for others who are not actually at work. What controls would reduce this risk?
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- Which of the following IT controls would a company appropriately use to mitigate the risk of unauthorized access to its payroll data? a. Validity checks b. Biometric devices c. A neural network d. Employee purchase cardsWhich one of the following would NOT be considered as a substantive procedure? O a. Estimating payroll expense O b. Taking a sample of purchase orders to check orders over OMI 10,000 O c. Using software to identify outstanding receivables O d. Obtaining letter from bank to confirm account balanceWhich of the following is a challenge for payroll accountants? A. Electronic tax filing requirementsB. Employees based only in one countryC. Outsourced payroll processing as a defaultD. Lack of security available for online programs
- What is the relationship between Accounting and an Accountinginformation system? • What has happened to the relationship over the years? • What is accounting information? • Name 4 uses of Accounting Information? • Use an example to illustrate the difference between data,information, and intelligence? • Discuss security concerns related to shadow data and businessintelligence technologies. • Discuss the role of accounting professionals in thedevelopment of shadow data. System Documentation • What is system documentation? • Why is it important to know system documentation? • Explain the 4 elements that makes up the Data Flow Diagrams? • Give an example of who or when one of these documents may berequired • What are Flowcharts? • List an example of an Input/output, processing and storage Symbols • Differentiate between different types of Flowchart? • If you were a new factory employee on your first day at a vastfactory, indicate which level Flowcharts would be required and •…explain on how cloud accounting help accountant in completing the accounting job especially during lockdown due to covid-19?Mini-Case Analysis Authorization of transactions is considered a key role in most organizations. Authorizations should not be made by individuals who have incompatible functions: Required: Indicate the individual or function (e.g. the head of a particular department) that should have the ability to authorize each if the following transactions. Briefly indicate the rationale for your answer. Writing off old accounts receivable Paying the employee for overtime Shipping goods on account to a new customer Temporarily investing funds in common stock investments instead of money market funds Rewriting the company’s major computer programs for processing purchase orders and accounts payable (the cost of rewriting the program will represent one quarter of the organization’s computer development budget for the year.
- Which of the accounting controls ensure that a company's resources are used efficiently and economically? Select one: a. All of the available choices b. Making use of any payment discounts that are available c. Paying bills on time Od. Bidding for suppliersdo you think switching to an IFRS formatted balance sheet with the accounts rearranged will affect companiesRefer to the flowchart.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.
- quick plz You are a trainee accountant in an audit firm. A more senior trainee has been on sick leave, and you are due to go on study leave. You have been told by your manager that, before you go on leave, you must complete some complicated work. The deadline is very near. You feel that you are not experienced to complete the work alone. You would need additional help to complete it to the required standard, and your manager appears unable to offer the necessary support. If you try to complete the work within the proposed deadline but with lower quality, you could face problems later You feel slightly intimidated by your manager, and also feel pressure to do the work. Which of the below fundamental principles of professional ethics is affected - a. The reputation of the audit firm may be affected if you try to perform the work and will be against professional behavior. b. You should consider how best to raise the matter with an expert person from your professional body (ACCA). This…Explain in detail how the following relate to Advanced Technology Payroll Systems: Human Resources, Cost Accounting, Employee Timekeeping, Data Processing. Explain the following: Time and Attendance File, Biometric Time Clock, Magnetic Swipe ID Cards, Proximity Cards, Mobile Remote Devices. What are the payroll systems risks and internal controls?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.…