Pay Rolls and Internal Audit Essay Example | Topics and Well Written Essays - 2000 words

Pay Rolls and Internal Audit - Essay Example No lapses were found in the management of pay roll or audit but the need to strengthen the control and improve the process of payment and audit in order to make process more and more accurate and transparent regarding the payment procedure were suggested. The need of strengthening of control of staff pay roll advances, and the need of obtaining additional and timely information from the HR department to ensure maintenance of better personal records was stressed. There was significant progress achieved through installation of computerized system for this purpose. The process of reviewing and procedures of documenting must take into consideration the gradual computerization of the process along with addressing the issues like leave on loss of pay and the adjustments made for that purpose. There is a need to make arrangements to produce salary statements according to the revised schemes in order to enable payroll department to distribute the sample for verification of major key salary e lements on the personnel data bank. The process of staff pay roll advances can be strengthened through analysis and regular follow up of accounts. The outstanding dues are liable to review and should be brought up to date. The HR department should discuss with Payroll Unit regarding providing a list of appointments, extension, cessations, leave for loss of pay for both regular and contract staff for ensuring a proper tallying of personnel records with pay roll records. If this type of communication is done manually or not done regularly, its effect on HR department will be costly. As the system was computerized it is now possible to obtain this information but there is a need of maintaining a database named personnel information system. Right now the work of personnel information department also was maintained by payroll unit only. This is making the system less efficient and even less accurate due to the non availability of up to date information. Regarding the large number of alternate arrangements due to absence of staff, non appointment of regular staff, the lack of staff due to leaves on loss of pay; they involve an increment in cost to the company. Necessary steps were not taken to regularize the monitoring on these things and even to reduce the increment of pay due to these arrangements. The review of payments processed by payment authorities is also important. This type of reviews result in strengthening control over travel expensed by reviewing travel claims and assurance that all travel is verified to feasible extent. The airline boarding passes, train tickets verification must be reviewed. The review can cover the travel expenses of permanent travelers, frequent travelers and the personnel traveling less often. The differences in the procedures must be studied and the verification process can be done with the knowledge of pay roll department to avoid complications as they will be in constant contact with the data base of all the staff. ( if the data base was provided. A recommendation for that type of data base was done earlier in the paper. No information of existing database was given in the information of the company) The proposal of informing the instructions issued to managers of different departments who approve the payments to pay toll department can be mooted to make two obligations between payroll and internal audit more reasonable. This makes the pay roll

An ethical review of four articles Article Example | Topics and Well Written Essays - 2250 words

An ethical review of four articles - Article Example The ability of the Americans to repay loan has been decreasing especially after the 2008 economic crisis. Unemployment rate is ever rising and the income level is ever declining. As such, the default rates have gone up to the ceiling. The rising inflation, skyrocketing cost of education and living is expected to make things worse in the near future. As indicated in this article, this phenomenon has far-reaching negative effect on the entire economy of the country. It is ethical for people to honor their financial obligations hence students who take loans are not exceptional. In this article, the increasing rate of loan defaulters is the main ethical concern that is likely to pose a threat to the entire economy unless something is done immediately. Even though economic conditions are getting harsher, students are expected to be cautious when taking these loans and should plan on how to repay them, otherwise it will cause economic damage to the general populace. What I feel or think af ter reading the article The article reveals a phenomenon that ought to be taken seriously by the state. It is a crisis that is likely to cause serious economic problems in the near future. The revelations by the article provide useful insights about the precautions that ought to be taken by students before they borrow loan. ... In my view, I feel that most students do not take full responsibility for the loans. This is because of the fact that some students are repaying the loans despite earning very low income. For instance, Macaluso has been paying for the loans even though it has affected his savings. I also think that students should not be allowed to take these loans if they are financially stable as this would help reduce the number of the defaulters (Reynolds 1). My opinion In 2012, National Student Clearinghouse Research Center did a research which showed that more than 50% of college graduates are unemployed and are employed in unskilled jobs that are below their academic credentials. A report by the National Center for Education Statistics shows that more than 70% of American students fail to graduate within 3 years. Despite this trend, most of these students still carry student debt. This issue is also happening in other developed countries particularly Canada and Australia. In my opinion, there is immorality that has been spared in the student-loan world. In 2012, the student debt in the United States had surpassed the trillion-dollar level. It is now a major economic burden on graduates and the larger society. This burden cannot be easily offset by increased incomes among the graduates (Reynolds 1). Article Two Ethical Issue The whole world is facing the reality of depleting natural resources such as oil and gas. Middle East is considered to be the hub of energy resources and reserves hence the region has attracted the attention of powerful countries around the world. In this article, Dowd (1), suggests that the supply demand for energy has drastically increased while the supply is ever dropping. In this article, Arctic region is believed to hold approximately 30 per