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Chapter 18 – Audit of the Payroll and Personnel Cycle

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31 pages
Audit of the Payroll and Personnel Cycle Chapter 18 ©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 18 - 1 Learning Objective 1 Identify the accounts and transactions in the payroll and personnel cycle. ©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 18 - 2 Accounts in the Payroll and Personnel Cycle The overall objective in the audit of the payroll and personnel cycle is to evaluate whether the account balances affected by the cycle are fairly stated in accordance with generally accepted accounting principles. ©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 18 - 3 Accounts in the Payroll and Personnel Cycle Accrued Wages, Salaries, Direct Bonuses, and Commissions Labor Payment Beginning Cash in Bank balance Payment for Earned wages, salaries salaries, etc.
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Audit of the Payroll and Personnel Cycle
Chapter 18
©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  1
Learning Objective 1
Identify the accounts and transactions in the payroll and personnel cycle.
©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  2
Accounts in the Payroll and Personnel Cycle
The overall objective in the audit of the payroll and personnel cycle is to evaluate whether the account balances affected by the cycle are fairly stated in accordance with generally accepted accounting principles.
©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  3
Accounts in the Payroll and Personnel Cycle Accrued Wages, Salaries, Direct Bonuses, and Commissions Labor Payment Beginning Cash in Bank balance Payment for Earned wages salaries salaries, etc. Payment for Ending balanc payroll taxes Withheld Income Taxes and Other Deductions Payment Beginning balance Payroll withholding Ending balance ©2008 Prentice Hall Business Publishing,Auditing 12/e, 4Arens/Beasley/Elder 18
Accounts in the Payroll and Personnel Cycle Withheld Income Taxes and Other Deductions Payment Beginning Cash in Bank balance Payment for Payroll salaries withholding Payment for Ending balance payroll taxes Accrued Payroll Payroll Tax Expense Tax Expense Beginning balance Payroll tax expense Ending balance ©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  5
Accounts in the Payroll and Personnel Cycle
In most systems the accrued wages and salaries account is used only at the end of an accounting period.
©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  6
Learning Objective 2
Describe the business functions and the related documents and records in the payroll and personnel cycle.
©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  7
Business Functions in the Cycle and Related Documents and Records
The payroll and personnel cycle….
Begins
Ends
Hiring of personnel
Payments
©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  8
Personnel and Employment
Personnel records
Deduction authorization form
Rate authorization form
©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  9
Timekeeping and Payroll Preparation
Time Card Job Time Ticket
Payroll Transaction File
Payroll Journal
Timekeeping and Payroll Preparation
©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  10
Payroll Master File
A payroll master file is used for recording each payroll transaction for each employee and maintaining total employee wages paid for the year to date.
©2008 Prentice Hall Business Publishing,Auditing 12/e,Arens/Beasley/Elder
18  11