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© 2008 Prentice Hall Business Publishing Accounting Information Systems, 11/e Romney/Steinbart 1 of 87
INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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INTRODUCTION
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PAYROLL CYCLE ACTIVITIES
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PAYROLL CYCLE ACTIVITIES
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PAYROLL CYCLE ACTIVITIES
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UPDATE PAYROLL MASTER FILE
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UPDATE TAX RATES AND DEDUCTIONS
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PAYROLL CYCLE ACTIVITIES
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VALIDATE TIME AND ATTENDANCE
DATA
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VALIDATE TIME AND ATTENDANCE
DATA
• Most employees are paid either on an
hourly basis or a fixed salary.
– Many companies use a time card to record
their arrival and departure time.
• This document typically includes total hours
worked during a pay period.
– Manufacturing companies may use job time
tickets to record not only time present but also
time dedicated to each job.
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VALIDATE TIME AND ATTENDANCE
DATA
• Employees that earn a fixed salary, e.g.,
managers and professional staff:
– Usually don’t record their time, but
supervisors informally monitor their presence.
– Professionals in accounting, law, and
consulting firms must track their time on
various assignments to accurately bill clients.
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VALIDATE TIME AND ATTENDANCE
DATA
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VALIDATE TIME AND ATTENDANCE
DATA
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VALIDATE TIME AND ATTENDANCE
DATA
• The payroll system needs to link to the
revenue cycle and other cycles to calculate
these payments.
• It’s also important to design bonus schemes
with realistic, attainable goals that:
– Can be measured
– Are congruent with corporate objectives
– Are monitored by management for continued
appropriateness
– Are legal
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VALIDATE TIME AND ATTENDANCE
DATA
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VALIDATE TIME AND ATTENDANCE
DATA
• How can information technology help?
– Collecting time and attendance data
electronically, e.g.:
• Badge readers
• Electronic time clocks
• Data entered on terminals
• Touch-tone telephone logs
– Using edit checks to verify accuracy and
reasonableness when the data are entered.
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PAYROLL CYCLE ACTIVITIES
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PREPARE PAYROLL
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PREPARE PAYROLL
• Procedures:
– The payroll transaction file is sorted by
employee number (same sequence as master
file).
– For each transaction, the payroll master file is
read for pay rates, etc., and gross pay is
calculated.
• Hourly employees: Gross pay = (hours worked x
wage rate) + Overtime + Bonuses
• Salaried employees: Gross pay = Annual salary x
Fraction of year worked
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PREPARE PAYROLL
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PREPARE PAYROLL
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PAYROLL CYCLE ACTIVITIES
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DISBURSE PAYROLL
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DISBURSE PAYROLL
• Procedures:
– When paychecks have been prepared, the
payroll register is sent to accounts payable for
review and approval.
– A disbursement voucher is prepared to
authorize transfer of funds from checking to
the payroll bank account.
• For control purposes, checks should not be drawn on the
company’s regular bank account
• A separate account is created for this purpose.
– Limits the company’s loss exposure.
– Makes it easier to reconcile payroll and detect paycheck
forgeries.
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DISBURSE PAYROLL
– The approved disbursement voucher and payroll
register are sent to the cashier. The cashier:
– Reviews the documents.
– Prepares and signs the payroll check to transfer the
funds.
– Reviews, signs, and distributes employee
paychecks (which separates authorization and
recording from distribution of checks).
– Re-deposits unclaimed checks in the company’s
bank account.
– Sends a list of these paychecks to internal audit for
investigation.
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DISBURSE PAYROLL
– Returns the payroll register to payroll department,
where it is filed with time cards and job time tickets.
– Sends the disbursement voucher to accounting
clerk to update general ledger.
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DISBURSE PAYROLL
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DISBURSE PAYROLL
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CALCULATE EMPLOYER-PAID
BENEFITS AND TAXES
• The employer pays some payroll taxes
and employee benefits directly.
– The employer withholds federal and state
taxes from employee paycheck, along with
Medicare tax, and the employee’s share of
Social Security.
– May also withhold voluntary deductions such
as union dues, United Way contributions,
credit union savings, retirement contributions,
etc.
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CALCULATE EMPLOYER-PAID
BENEFITS AND TAXES
• In addition, the employer pays:
– A matching amount of Social Security.
– Federal and state unemployment taxes.
– The employer share of health, disability, and
life insurance premiums, as well as pension
contributions.
• Some companies offer flexible benefit
plans, sometimes called cafeteria-style
benefit plans.
– These plans offer a menu of options.
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CALCULATE EMPLOYER-PAID
BENEFITS AND TAXES
• Benefit programs increase the demands
on the HRM/payroll system for gathering
employee data, disbursing payments and
information, etc.
• Providing access to payroll/HRM
information through a company intranet
can help reduce costs.
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PAYROLL CYCLE ACTIVITIES
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DISBURSE PAYROLL TAXES AND
MISCELLANEOUS DEDUCTIONS
• The company must periodically prepare
checks or EFT to pay tax and other
liabilities.
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OUTSOURCING OPTIONS
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OUTSOURCING OPTIONS
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CONTROL: OBJECTIVES, THREATS,
AND PROCEDURES
• In the HRM/payroll cycle (or any cycle), a well-designed
AIS should provide adequate controls to ensure that the
following objectives are met:
– All transactions are properly authorized
– All recorded transactions are valid
– All valid and authorized transactions are recorded
– All transactions are recorded accurately
– Assets are safeguarded from loss or theft
– Business activities are performed efficiently and effectively
– The company is in compliance with all applicable laws and
regulations
– All disclosures are full and fair
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CONTROL: OBJECTIVES, THREATS,
AND PROCEDURES
• There are several actions a company can take
with respect to any cycle to reduce threats of
errors or irregularities. These include:
– Using simple, easy-to-complete documents with
clear instructions (enhances accuracy and
reliability).
– Using appropriate application controls, such as
validity checks and field checks (enhances
accuracy and reliability).
– Providing space on forms to record who completed
and who reviewed the form (encourages proper
authorizations and accountability).
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CONTROL: OBJECTIVES, THREATS,
AND PROCEDURES
– Pre-numbering documents (encourages
recording of valid and only valid
transactions).
– Restricting access to blank documents
(reduces risk of unauthorized transaction).
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CONTROL: OBJECTIVES, THREATS,
AND PROCEDURES
• Following is a discussion of threats to the
HRM/payroll system, organized around
three areas:
– Employment practices
– Payroll processing
– General control issues
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THREATS IN EMPLOYMENT
PRACTICES
• You can click on any of the threats below to get
• Objective: more information on:
– The types of problems posed by each threat
– Effectively hire, retain, and dismiss
– The controls that can mitigate the threats.
employees.
• The major threats in the employment
practices area are:
– THREAT 1: Hiring unqualified or larcenous
employees
– THREAT 2: Violation of employment law
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THREATS IN PAYROLL
PROCESSING
• You can click on any of the threats below to get
• Objective: more information on:
– Efficiently and –effectively
The types of problems posed by each threat
compensate employees for
– The controls that can mitigate the threats.
services provided .
• The major threats in the employment practices
area are:
– THREAT 3: Unauthorized changes to the payroll mast
er file
– THREAT 4: Inaccurate time data
– THREAT 5: Inaccurate processing of payroll
– THREAT 6: Theft or fraudulent distribution of paych
ecks
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• You can click on any of the threats below to get
GENERAL THREATS
more information on:
– The types of problems posed by each threat.
– The controls that can mitigate the threats.
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KEY DECISIONS AND INFORMATION
NEEDS
• Benefits of an integrated HRM/payroll
model:
– Access to current, accurate information about
employee skills and knowledge.
– HRM activities can be performed more
efficiently and costs reduced.
• EXAMPLE: Employment application terminals in
Wal-Mart.
– Recruiting costs can be reduced, when
applicant data is electronically accessible.
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SUMMARY
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SUMMARY
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