Page 34 - Accountancy for Advanced Secondary Schools Teachers Guide Form Five

(iii) Identifying discrepancies: Guide students to think critically
about where discrepancies might arise, such as in data entry,
software configuration, or compliance with tax and labour
laws.
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(iv) Improvement trategies: Teach students to propose
actionable solutions, considering technological upgrades,
process improvements, and employee training.

(b) Potential discrepancies in the payroll system
(i) Data entry errors: Manual entry or incorrect input of data
into the payroll system could lead to discrepancies.

(ii) Software configuration issues: Inaccurate software settings
or outdated systems might not align with the current tax laws
and regulations.

(iii) Inadequate reconciliation procedures: A failure to
regularly reconcile payroll records with financial statements
can result in inconsistencies.

(iv) Non-compliance with regulations: Misinterpretation or a
failure to update the payroll system according to new tax
laws or labour regulations.

(v) Incorrect employee classification: Misclassification of
employees (e.g., full-time vs. part-time, exempt vs. non-
exempt) can lead to incorrect payroll calculations.
(vi) Absence of internal controls: Lack of robust internal
controls and audits can result in unnoticed errors or
fraudulent activities.

Teacher’s Guide Form Five
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