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Flashcards in Payroll Cycle Deck (1)
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1
Q

What are the Objectives of Internal Controls over Payroll?

A

1 Payroll withholdings and deductions are based on appropriate supporting authorizations.
2 Compensation is made only to valid employees at authorized rates and for services actually rendered.
3 Gross pay, withholdings, deductions, and net pay are correctly computed.
4 Payroll costs and liabilities are appropriately classified and summarized in the proper periods.
5 Appropriate comparisons are made of personnel, payroll, and work records at reasonable intervals.
6 Net pay and related withholdings are remitted to the appropriate employees and agencies.
7 Access to sensitive personnel files and payroll records is limited to authorized personnel

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