tailieunhanh - Lecture Accounting information systems: Controls and processes (3rd Edition): Chapter 10 - Turner, Weickgenannt, Copeland

Chapter 10 - Expenditure processes and controls payroll and fixed assets. This chapter presents the following content: An introduction to payroll and fixed asset processes, payroll processes, risks and controls in payroll processes, IT systems of payroll processes, fixed asset processes,. | Chapter 10 Chapter 10 Expenditure Processes and Controls Payroll and Fixed Assets An introduction to payroll and fixed asset processes Payroll processes Risks and controls in payroll processes IT systems of payroll processes Fixed asset processes Risks and controls in fixed asset processes IT Systems of fixed asset processes Ethical issues related to payroll and fixed assets processes Corporate governance in payroll and fixed assets processes Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Real World Prince George’s County, MD – School District 2003 – Implemented a new, $ million, ERP system from Oracle®. Process payroll for 19,000 employees 1400 errors – over and under payment Very high amount of errors for a payroll system Employees were very upset, especially if they had to repay the overage Investigation showed that the cause was human error Payroll processes Time-keepers at each school had to review every submission Improper training of payroll employees on new system Similar incident in LA Unified School District in 2007 2010 –still trying to recover $9 million of the $60 million in overpayments Payroll processes Acquiring and maintaining human resources. Capturing and maintaining employee data. Paying employees. Recording cash and payroll liabilities and expenses. SO 1 An introduction to payroll and fixed asset processes Introduction to Payroll and Fixed Asset Processes Fixed asset processes Purchasing property. Capturing and maintaining relevant data about assets. Paying for and recording the related assets. . | Chapter 10 Chapter 10 Expenditure Processes and Controls Payroll and Fixed Assets An introduction to payroll and fixed asset processes Payroll processes Risks and controls in payroll processes IT systems of payroll processes Fixed asset processes Risks and controls in fixed asset processes IT Systems of fixed asset processes Ethical issues related to payroll and fixed assets processes Corporate governance in payroll and fixed assets processes Study Objectives 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information) Real World Prince George’s County, MD – School .