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1、AuditofthePayrollandPersonnelCycle Chapter17 AccountsandTransactionsinthePayrollandPersonnelCycle Theoverallobjectiveintheauditofthepayrollandpersonnelcycleistoevaluatewhethertheaccountbalancesaffectedbythecyclearefairlystatedinaccordancewithgenerallyacceptedaccountingprinciples AccountsandTransacti
2、onsinthePayrollandPersonnelCycle AccruedWages Salaries Bonuses andCommissionsPaymentBeginningbalanceEarnedwages salaries etc Endingbalance CashinBankPaymentforsalariesPaymentforpayrolltaxes DirectLabor WithheldIncomeTaxesandOtherDeductionsPaymentBeginningbalancePayrollwithholdingEndingbalance Accoun
3、tsandTransactionsinthePayrollandPersonnelCycle WithheldIncomeTaxesandOtherDeductionsPaymentBeginningbalancePayrollwithholdingEndingbalance AccruedPayrollTaxExpensePaymentBeginningbalancePayrolltaxexpenseEndingbalance CashinBankPaymentforsalariesPaymentforpayrolltaxes PayrollTaxExpense AccountsandTra
4、nsactionsinthePayrollandPersonnelCycle Separateoperatingaccountsforpayrollalsonormallyincludeofficers salariesandbonuses officesalaries salessalariesandcommissions andindirectmanufacturinglabor AccountsandTransactionsinthePayrollandPersonnelCycle Theseaccountshavethesamerelationshiptoaccruedwagesand
5、withheldtaxesandotherdeductionsthatisshownfordirectlabor BusinessFunctionsintheCycleandRelatedDocumentsandRecords Thepayrollandpersonnelcyclebeginswiththehiringofpersonnelandendswithpaymenttotheemployeesfortheservicesperformedandtothegovernmentandotherinstitutionsforthewithheldandaccruedpayrolltaxes
6、andbenefits PersonnelandEmployment Personnelrecords Deductionauthorizationform Rateauthorizationform TimekeepingandPayrollPreparation TimeCard JobTimeTicket PayrollTransactionFile PayrollJournal PayrollMasterFile PaymentofPayroll Payrollcheck Payrollbankaccountreconciliation PreparationofPayrollTaxR
7、eturnsandPaymentofTaxes W 2FormPayrollTaxReturns MethodologyforDesigningTestsofBalances AccountsReceivable Understandinternalcontrol payrollandpersonnel Assessplannedcontrolrisk payrollandpersonnel Evaluatecost benefitoftestingcontrols MethodologyforDesigningTestsofBalances AccountsReceivable Design
8、testsofdetailsofcontrolsandsubstantivetestsoftransactionsforpayrollandpersonneltomeettransaction relatedauditobjectives Auditprocedures Samplesize Itemstoselect Timing UnderstandInternalControl PayrollandPersonnelCycle AdequateseparationofdutiesProperauthorizationAdequatedocumentsandrecordsPhysicalc
9、ontroloverassetsandrecordsIndependentchecksonperformance SegregationofDuties Hiring firing rateandbenefitchanges HRAuthorizationoftimeworked supervisorProcessingofpayrollchecksCustodyofchecksanddistributionBankreconciliation ControlActivities Separatepersonnelfrompayrollprocessing can thireorchanger
10、ates Controlsovercheckdistributionsforfictitiousemployeesorpaidafterterminated DoubleendorsementssignofpossiblefraudReviewofpayrolldistributionreportsCorrecthours rates employees jobcodesRestrictedaccesstoblankchecks PayrollTaxFormsandPayments Paymentofthepayrolltaxeswithheldandotherwithholdingsonat
11、imelybasis Preparationofpayrolltaxforms InventoryandFraudulentPayrollConsiderations Relationshipbetweenpayrollandinventoryvaluation Testsfornonexistentpayroll MethodologyforDesigningTestsofBalances AccountsReceivable Identifyclientbusinessrisksaffectingpayrollliabilityaccounts Settolerablemisstateme
12、ntandassessinherentriskforpayrollliabilityaccounts Assesscontrolriskforthepayrollandpersonnelcycle MethodologyforDesigningTestsofBalances AccountsReceivable Designandperformtestsofcontrolsandsubstantivetestsoftransactionsforthepayrollandpersonnelcycle Designandperformanalyticalproceduresforthepayrol
13、landpersonnelcycle MethodologyforDesigningTestsofBalances AccountsReceivable Designtestsofdetailsofpayrollaccountsbalancestosatisfybalance relatedauditobjectives Auditprocedures Samplesize Itemstoselect Timing AnalyticalProceduresforthePayrollandPersonnelCycle AnalyticalProcedurePossibleMisstatement
14、 ComparepayrollexpenseMisstatementofpayrollaccountbalancewithexpenseaccountspreviousyears ComparedirectlaborasaMisstatementofdirectpercentageofsaleswithlaborandinventorypreviousyears ComparecommissionMisstatementofexpenseasapercentageofcommissionexpenseandsaleswithpreviousyears commissionliability A
15、nalyticalProceduresforthePayrollandPersonnelCycle AnalyticalProcedurePossibleMisstatement ComparepayrolltaxexpenseMisstatementofpayrollasapercentageofsalariesandtaxexpenseandpayrollwageswithpreviousyears taxliability CompareaccruedpayrolltaxMisstatementofaccruedaccountswithpreviousyears payrolltaxes
16、andpayrolltaxexpense TestsofDetailsofBalancesforLiabilityAccounts Amountswithheldfromemployees pay Accruedsalariesandwages Accruedcommissions Accruedbonuses Accruedvacationpay sickpay orotherbenefits Accruedpayrolltaxes TestsofDetailsofBalancesforExpenseAccounts Officers compensation Commissions Payrolltaxexpense Totalpayroll Contractlabor TypesofAuditTestsforthePayrollandPersonnelCycle CashinBank PayrollLiabilities DirectLaborandPayrollExpenses Payments Expenses Endingbalance Endingbalance TOC
