PAY ROLL PROCESS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 January 2010
I want to know the verification procedure to be followed while doing audit of PAY ROLL of a company?
20 January 2010
The various points to be seen during verfication of Audit of pay roll of a company are:-
• Study the accounting system and internal controls.
• Check the arithmetical accuracy of the payroll i.e. additions, subtractions etc.
• Examine the primary employee data-name, wage rate, attendance, etc. with reference to records maintained by personnel department the time keeping department.
• Examine the reipts/acknowledgements
by employees.
• Trace the recoveries of loans and advances to the relevant advance register.
• Obtain a list of employees who retired or otherwise left the services of the enterprise and check that they have not been included in the payroll.
• Ensure that the rate or amount of wages and salaries is in accordance with legal regulations or contractual requirements.
• Ensure that no dummy workers are included in the pay-roll summary.
• Compute the ratio of total wage bill for the year to the wage bill of the previous year.
• Check the statements for unclaimed wages and ensure that the said amount has been deposited into a bank in a separate account by referring to counterfoil of pay in slip.
regards,
CA Jatin Bansal
CHANDIGARH
09814622848
• Study the accounting system and internal controls.
• Check the arithmetical accuracy of the payroll i.e. additions, subtractions etc.
• Examine the primary employee data-name, wage rate, attendance, etc. with reference to records maintained by personnel department the time keeping department.
• Examine the reipts/acknowledgements
by employees.
• Trace the recoveries of loans and advances to the relevant advance register.
• Obtain a list of employees who retired or otherwise left the services of the enterprise and check that they have not been included in the payroll.
• Ensure that the rate or amount of wages and salaries is in accordance with legal regulations or contractual requirements.
• Ensure that no dummy workers are included in the pay-roll summary.
• Compute the ratio of total wage bill for the year to the wage bill of the previous year.
• Check the statements for unclaimed wages and ensure that the said amount has been deposited into a bank in a separate account by referring to counterfoil of pay in slip.
regards,
CA Jatin Bansal
CHANDIGARH
09814622848
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Long Term Service award taxability in hands of company
- Free lancer income
- LTCG for Assmt year 26-27
- REGARDING GST LIABILITY/....
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
