The following is an excerpt from an Internal Control Questionnaire for a payroll system. Assume the answer to each question is no. Use a table matching the questions to errors or frauds that could occur because of the absence of the control.
PROVIDE DETAILED EXPLANATIONS
1. Are all employees paid by check or direct deposit?
2. Is a special payroll bank account used?
3. Are payroll checks signed by persons who do not prepare checks or keep cash funds or accounting records?
4. If a check-signing machine is used, are the signature plates controlled?
5. Is the payroll bank account reconciled by someone who does not prepare, sign, or deliver paychecks?
6. Are payroll department personnel rotated in their duties? Required to take vacations? Bonded?
7. Is there a timekeeping department (function) independent of the payroll department?
8. Are authorizations for deductions signed by the employees on file?
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