Payroll (PAY) - Normal Controls Flashcards
1
Q
PAY01.1
A
All payroll Masterfile changes are approved before being updated
2
Q
PAY04
A
- Where required for client contract billing or disclosure purposes or where required for internal client profitability purposes, does management review and approve submitted timesheets in a timely manner?
3
Q
PAY05
A
- Where required for client billing or disclosure purposes or for internal client profitability purposes , what controls exist to give assurance over the validity and accuracy of timesheet changes?
4
Q
PAY12
A
- Is compliance with employee termination policies and procedures, including compliance with statutory regulation and union requirements (if applicable), monitored by management, with appropriate legal advice sought as required?
5
Q
PAY16
A
- If the company uses a payroll bureau, is the bureau responsible for managing changes to the withholding tax rates?
- If so, does the company receive details of when the changes are made in the month they are made?
6
Q
PAY17
A
- If the payroll is managed in house, are withholding tax rate updates restricted to authorized individuals, with all changes made to the payroll software approved by management and the data reviewed to give assurance over compliance with statutory requirements?
7
Q
PAY18
A
- Does management monitor and review vacation time accrued by staff to give assurance it is reasonable on a quarterly basis?