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The Smart Company employs 125 people, who are paid every two weeks.The accounting/payroll process is...

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Accounting

The Smart Company employs 125 people, who are paid every two weeks.


  • The accounting/payroll process is as follows:
  • All employees except the top 5 administrators in the company must punch a time clock at the main building, before leaving and when returning, at the end of the day from different work sites.
  • None of the 5 administrators are involved in the theft from the company's assets or money!!!
  • The company has set-up a direct electronic payroll system with your bank of choice for your check to be deposited in.
  • Copies of your check are provided to you and you must sign for the check copy.
  • Payroll is done through accounting. Various people electronically send the transfer of funds to the various employee's banks.
  • There is a tracking system in place.
  • The company has conducted an audit. It has audited the books and has had every employee physically sign for the copy of their check.
  • All payroll through the audit is accounted for.
  • The payroll department also takes care of all vendor contracts.
  • All work and inventory are on schedule and where it should be.
  • The company is short $238,000.


Where did the money go? And who took it?

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