Provide FOUR objectives of the internal control that should be exercised over a wages system. Research Sdn Bhd is a marketing research firm.The company employs an interview manager to control 40 interviewers who conduct interviews withhypermarket customers. The interviewers are paid monthly in arrears for hours worked, with hourlyrates and productivity bonus payments being dependent on surveys undertaken. They submit theirmonthly time sheets to the company's head office for processing and the company operates a separatemonthly payroll specifically for interviewers' wages.The company's wages software program produces on request:A master file update report - detailing the update report number, the amendments made sincethe last report, and the number of existing employees on file.●A current period payment details report showing gross payment, deductions, and netpayment amounts - by employee and in total.Wage slips the computerised production of which is requested only after other controlprocedures employed have ensured that information provided on the current period paymentdetails report (above) agrees with a hash total representing gross wages input.The interviews manager is based at the company's head office, together with the accounting andadministration departments. He is responsible for the recruitment of interviewers, deployment toassignments, overseeing of interview work and for the authorisation of pay rates and bonus payments.The company has a good control environment including appropriate segregation of duties throughoutthe specific areas of the business. Head office employees include a company accountant, a wagessupervisor and three wages clerks.

Answered: Provide FOUR objectives of the internal…

Business

Accounting

Provide FOUR objectives of the internal control that should be exercised over a wages system.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 2TP: You are a management accountant for Time Treasures Company, whose company has recently signed an...

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