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Evaluation of internal controls

by Steven Bragg @ Articles - AccountingTools

An evaluation of internal control involves an examination of the effectiveness of an organization's system of internal controls. By engaging in this evaluation, an auditor can determine the extent of other tests that must be performed in order to arrive at an opinion regarding the fairness of the entity's financial statements. A robust system of internal controls reduces the risk of fraudulent activity, which moderates the need for additional audit procedures. The examination concentrates on such issues as:

The steps involved in this evaluation process include the following:

  1. Determine the extent and types of controls being used by the client.
  2. Determine which of these controls the auditor intends to rely upon.
  3. Based on the first two steps, determine which audit procedures should be expanded or reduced.
  4. Make recommendations to the client regarding how to improve its system of internal controls.

The last of the preceding steps is useful for improving the control environment for the auditor in the following year's audit.

Related Courses

Accounting Controls Guidebook 

How to Void Your Own Check for Automatic Transfers

How to Void Your Own Check for Automatic Transfers


The Balance

To void a check, write the word "VOID" across the front of the check. See what to do if you don't have any checks, and how to get a voided check.

Find your account number and routing number on a check to set up direct deposit.

Find your account number and routing number on a check to set up direct deposit.


Key.com

Take advantage of direct deposit with select KeyBank accounts. Set up your direct deposit using a check number and routing number here.

How to Setup Direct Deposit

How to Setup Direct Deposit


Bank of America

Bank of America direct deposit makes it easy for you to deposit checks into your account automatically. Learn about setting up direct deposit today.

Throughput definition

by Steven Bragg @ Articles - AccountingTools

Throughput is the number of units that pass through a process during a period of time. This general definition can be refined into the following two variations, which are:

  • Operational perspective. Throughput is the number of units that can be produced by a production process within a certain period of time. For example, if 800 units can be produced during an eight-hour shift, then the production process generates throughput of 100 units per hour.
  • Financial perspective. Throughput is the revenues generated by a production process, minus all completely variable expenses incurred by that process. In most cases, the only completely variable expenses are direct materials and sales commissions. Given the small number of expenses, throughput tends to be quite high, except for those situations in which prices are set only slightly higher than variable expenses.

For operations, throughput can be increased by enhancing the productivity of the bottleneck operation that is constraining production. For example, an additional machine can be purchased, or overtime can be authorized in order to run a machine for an extra shift. The key point is to focus attention on the productivity of the bottleneck operation. If other operations are improved, the overall throughput of the system will not increase, since the bottleneck operation has not been enhanced. This means that the key focus of investment in the production area should be on the bottleneck, not other operations.

For financial analysis, throughput can be increased by altering the mix of products being produced, to increase the priority on those products that have the highest throughput per minute of time required at the constrained resource. If a product has a smaller amount of throughput per minute, it can instead be routed to a third party for processing, rather than interfering with the bottleneck operation. As long as some positive throughput is gained by outsourcing, the result is an increased overall level of the throughput for the company as a whole.

Related Courses

Constraint Management 

Human resource accounting

by Steven Bragg @ Articles - AccountingTools

Human resource accounting involves the tracking of all costs related to employees in a separate report. These costs may include the following:

Such an accounting system can be used to determine where human resources costs are especially heavy or light in an organization. This information can be used to redirect employees toward those activities to which they can bring the most value. Conversely, the report can be used to identify those areas in which employee costs are too high, which may lead to a reduction in force or a reallocation of staff away from those areas.

A more comprehensive human resource accounting system goes beyond the simple tracking of employee-related costs, and addresses the following two additional areas:

  • Budgeting. An organization's annual budget includes a component, in which is concentrated all employee costs being incurred from across the organization. By concentrating cost information by its nature, management can more clearly see the total impact of human resource costs on the entity.
  • Employee valuation. Rather than looking at employees as costs, the system is redirected toward viewing them as assets. This can involve the assignment of values to employees based on their experience, education, innovativeness, leadership, and so forth. This can be a difficult area in which to achieve a verifiable level of quantification, and so may have limited value from a management perspective.

From an accounting perspective, the expense-based view of human resources is quite easy - employee costs from the various departments are simply aggregated into a report. The employee valuation approach is not a tenable concept for the accountant, since this is an internally-generated intangible asset, and so cannot be recorded in the accounting system.

Related Courses

Human Resources Guidebook 
Payroll Management 

How to Set Up Direct Deposit to Your Banking Account

How to Set Up Direct Deposit to Your Banking Account


Linn Area Credit Union

Direct deposit is instant and convenient for businesses and employees. Your paychecks will consistently get to the bank on time. Fill out the forms.

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Direct Deposit


SunTrust

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How To Get Free Checking Without Direct Deposit | Bankrate.com

How To Get Free Checking Without Direct Deposit | Bankrate.com


Bankrate

Can’t find free checking unless you sign up for direct deposit? Try this option.

Get FREE Checking, Get $50!

by Jan @ Linn Area Credit Union

We know, we know! No one really wants to move their checking account. It’s such a chore! But let’s weigh the short-term pain against the long-term gain. If you don’t have a Linn Area checking account, take a good hard look what you DO have. Are you paying a monthly maintenance fee? Are you paying […]

The post Get FREE Checking, Get $50! appeared first on Linn Area Credit Union.

Should You Pay Employees by Check or Direct Deposit?

Should You Pay Employees by Check or Direct Deposit?


Service Business Blog with Resources, News, and Tips | Jobber Academy

Planning on hiring? Welcome to the world of payroll decisions. We’re going over the pros and cons of paying employees by check or direct deposit.

How to Set Up Direct Deposit - NerdWallet

How to Set Up Direct Deposit - NerdWallet


NerdWallet

Direct deposit is a free service that electronically sends your paychecks or benefit checks to a bank account or prepaid debit card of your choosing. Electronic payments have a number…

Switching your direct deposit | A quick and easy step-by-step guide

Switching your direct deposit | A quick and easy step-by-step guide


Clark Howard

After switching to a better bank, one of the first things you’ll want to do is set up direct deposit to get your paycheck automatically sent to your new account.

Payroll records

by Steven Bragg @ Articles - AccountingTools

Payroll records contain information about the compensation paid to employees and any deductions from their pay. These records are needed by the payroll staff to calculate gross pay and net pay for employees. Payroll records typically include information about the following items:

  • Bereavement pay
  • Bonuses
  • Commissions
  • Deductions for pensions, benefits, charitable contributions, stock purchase plans, and so forth
  • Direct deposit information
  • Gross wages
  • Hours worked
  • Manual check payments
  • Net wages paid
  • Salary rates
  • Vacation and/or sick pay

The information in payroll records have traditionally been stored on paper documents, but can also be recorded as electronic documents.

Payroll records can be considered a subset of the information stored in human resources records, which can contain considerably more information than items pertaining to just employee pay and deductions.

The time period over which payroll records must be retained will depend upon government requirements. The Internal Revenue Service typically states a required retention period in each document it issues dealing with payroll issues. In general, wage calculations should be retained for two years, while collective bargaining agreements should be retained for three years.

Related Courses

Payroll Management 

PNC

PNC


PNC

We can help you gain the confidence you need to make important financial decisions for you, your family or your business.

Nonprofit accounting

by Steven Bragg @ Articles - AccountingTools

Nonprofit accounting refers to the unique system of recordation and reporting that is applied to the business transactions engaged in by a nonprofit organization. A nonprofit entity is one that has no ownership interests, has an operating purpose other than to earn a profit, and which receives significant contributions from third parties that do not expect to receive a return. Nonprofit accounting employs the following concepts that differ from the accounting by a for-profit entity:

  • Net assets. Net assets take the place of equity in the balance sheet, since there are no investors to take an equity position in a nonprofit.
  • Donor restrictions. Net assets are classified as being either with donor restrictions or without donor restrictions. Assets with donor restrictions can only be used in certain ways, frequently being assigned only to specific programs. Assets without donor restrictions can be used for any purpose.
  • Programs. A nonprofit exists in order to provide some kind of service, which is called a program. A nonprofit may operate a number of different programs, each of which is accounted for separately. By doing so, one can view the revenues and expenses associated with each program.
  • Management and administration. Costs may be assigned to the management and administration classification, which refers to the general overhead structure of a nonprofit. Donors want this figure to be as low as possible, which implies that the bulk of their contributions are going straight to programs.
  • Fund raising. Costs may be assigned to the fund raising classification, which refers to the sales and marketing activities of a nonprofit, such as solicitations, fund raising events, and writing grant proposals.
  • Financial statements. The financial statements produced by a nonprofit entity differ in several respects from those issued by a for-profit entity. For example, the statement of activities replaces the income statement, while the statement of financial position replaces the balance sheet. Both for-profit and nonprofit entities issue a statement of cash flows. Finally, there is no nonprofit equivalent for the statement of stockholders' equity, since a nonprofit has no equity.

Related Courses

Nonprofit Accounting 

How to Turn a Tax Refund Into a Fatter Paycheck

by Tina Orem @ NerdWallet

Getting a tax refund may seem great, but tax pros say it’s also a sign two things could be happening: You may not be doing enough tax planning, and you…

Recall alert: Organic coconut flour poses salmonella risk

Recall alert: Organic coconut flour poses salmonella risk

by Craig Johnson @ clark.com

The King Arthur Flour Co. is recalling its organic coconut flour due to the potential presence of salmonella, the company has announced. People should check their cupboards for the product and take prompt action, the company said.

“Consumers who have …

BECU News Center : Hassle-Free Direct Deposit

BECU News Center : Hassle-Free Direct Deposit


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