You are the audit senior of Cold Front Ltd, a frozen food distributor. You areconducting audit work on their payroll system and have ascertained the followinginformation regarding the system for the year ended 31 December 2021:The administrative staff record the number of hours worked using a clocking in /outsystem. Generally, the staff work a standard 8-hour day shift, swiping their ID cards onarrival and at the end of each day. If a staff does not swipe out at the end of the day thesystem automatically clocks them out. To claim overtime, employees need to completean "overtime claim" form and submit it to the payroll clerk.Jane Errol is the payroll clerk and is responsible for setting up and maintaining allemployee records and processing the monthly payroll. She is also responsible formaking changes to the computerised payroll system in respect of pay rates and leaveentitlements.Deductions are calculated by the computerised payroll system to reflect gross pay,statutory deductions, and net pay. Jane Errol checks the deductions on a periodic basis.Monthly, a list of net cash payment for each employee is generated and authorised bythe Financial Controller before the list is sent to the bank for employees to be paid bybank transfer.RequiredAs the audit senior of Cold Front Ltd, write to management in respect of the payrollsystem:i.ii.Identifying THREE deficiencies in respect of the above payroll system;Explaining the possible implication of these deficiencies; andSuggesting a recommendation to address each deficiency.

A payroll system is a critical part of any business, and it is important to ensure that it is…

Answered: You are the audit senior of Cold Front…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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