ACCOUNTING-What internal control procedure(s) would be most effective in preventing the following

Problem 15.2 (page 463). Answer requirements a–j and
please describe the internal control procedures. Label each answer with
matching question with question included in answer. Answer should be labeled a
with question then answer to match question a.
15.2.
What internal control procedure(s) would be
most effective in preventing the following errors or fraudulent acts?
·
a. An inadvertent data entry error caused an employee’s wage
rate to be overstated in the payroll master file.
·
b. A fictitious employee payroll record was added to the payroll
master file.
·
c. During data entry, the hours worked on an employee’s time
card for one day were accidentally entered as 80 hours, instead of 8 hours.
·
d. A computer operator used an online terminal to increase her own
salary.
·
e. A factory supervisor failed to notify the HRM department that
an employee had been fired. Consequently, paychecks continued to be issued for
that employee. The supervisor pocketed and cashed those paychecks.
·
f. A factory employee punched a friend’s time card in at 1:00
p.m. and out at 5:00 p.m. while the friend played golf that afternoon.
·
g. A programmer obtained the payroll master file and increased
his salary.
·
h. Some time cards were lost during payroll preparation;
consequently, when paychecks were distributed, several employees complained
about not being paid.
·
i. A large portion of the payroll master file was destroyed when
the disk pack containing the file was overwritten when used as a scratch file
for another application.
·
j. The organization was fined $5,000 for making a late quarterly
payroll tax payment to the IRS.

 

 

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