MODULE 5

Question 1

Name some payroll expenses

Answer 1

Salaries and hourly wages, commissions, Bonuses, PAYE Deductions, Pension Contributions etc.
Payroll cycle basically encompasses all payment which need to be made

Question 2

Whats the HR Cycle?

Answer 2

Involves engagement and termination of personnel and creation and termination of master data `(personal files)

Question 3

Why should there be segregation between payroll cycle and HR Cycle

Answer 3

Because if there isn’t sufficient segregation between payroll and HR cycle, a member log staff can create a fictional employee, with their bank details and arrange to have monthly salary coming in.

Question 4

What are the phases of the payroll Cycle, including the documentation involved?

Answer 4

1. Work Done and Time recorded (Phase) - Timesheet (Documentation)
2. Calculation of payroll liability (Phase) - HR Master file for hourly rate or salary (Documentation)
3. Payment of payroll Liability (Phase) - Payslips (Documentation)

Question 5

What’s the Payroll Reconciliation?

Answer 5

Re checking the Payroll for errors or mishaps

Question 6

What are some of the objectives for Reconciliations?

Answer 6

All necessary Reconciliations are completed
Reconciling items are investigates and corroborated\
Reconciliations are completed accurately and consistently

Question 7

What are the WCGWs for Reconciliations?

Answer 7

Necessary Reconciliations fail to be completed
Reconciliations fail to be completed fully and fail to identify.unreconciled differences
Reconciliations are not completed accurately and consistently month to month

Question 8

What are some relevant controls for WCGWs for Reconciliations?

Answer 8

Maintain a formal checklist and timetable of reconciliations, to be completed
Staff that complete reconciliations are trained