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CAS3701 Assignment 11 2024 - DUE 13 September 2024 R50,00   Add to cart

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CAS3701 Assignment 11 2024 - DUE 13 September 2024

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CAS3701 Assignment 11 2024 - DUE 13 September 2024 QUESTIONS AND ANSWERS

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  • September 13, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
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CAS3701 Assignment 11
2024 - DUE 13 September
2024




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,CAS3701 Assignment 11 2024 - DUE 13 September 2024




QUESTION 1

1. BACKGROUND LearnCo. Limited (LearnCo.) is a top training provider that offers

skills development training solutions to businesses and government institutions in South

Africa. The company is based in Gauteng, South Africa and has a 30 June 2024 year-

end. LearnCo. offers a wide variety of courses in health and safety, leadership and

managerial skills, occupational health and even on emerging technologies like machine

learning, robotics, coding and artificial intelligence. The company conducts the training

at the client’s workplace premises. LearnCo. employs 250 facilitators permanently. The

facilitators come from a diverse range of fields in line with the courses offered by the

company. The facilitators spend majority of their time travelling to clients throughout the

country and consequently, LearnCo. incurs a high amount of expenditure related to

travel claims. You have recently been appointed as the Financial Manager (FM) of

LearnCo. The Chief Financial Officer (CFO) is orientating you about the company and

its payroll system. The payroll system is outlined below.

2. PAYROLL SYSTEM LearnCo. uses a payroll software called Revolve X. Revolve X is

highly advanced and is powered by artificial intelligence (AI). Revolve X automates the

majority of routine payroll-related transactions. These include screening CVs submitted

online, shortlisting candidates, performing monthly reconciliations, filing electronic

reports, computing the monthly payroll expense, and validating and processing input

data for the payroll. Any valid employee of LearnCo. has login access. LearnCo. has a

, limited Human Resource (HR) unit in place. The HR unit currently consists of the HR

manager and two payroll clerks. The HR manager is currently responsible for

conducting interviews, completing the recruitment process and retirements. The CFO

explained that other than the screening of CVs and shortlisting of candidates against

pre-determined criteria, Revolve X also assists the HR manager by providing pre-

populated templates for employee contracts. The payroll clerks are responsible for

capturing approved rates for travel claims, medical aid, provident fund and other

applicable expenditures. Revolve X also houses the employee database. As the FM,

you will approve and sign off the employee contracts on behalf of the company, ensure

that applicable rates are up to date and that the schedules produced by the system are

correct prior to authorisation for payment.

2.1 Dismissals and resignations Dismissals and resignations occur seldomly at

LearnCo. The HR manager is currently overloaded with his duties, so management

decided to move the handling of dismissals and resignations solely to the CFO. You

were busy reviewing the payroll and noted details of two employees, with employee

numbers 452901 and 370213, who were dismissed in September 2023 and December

2023, respectively, but were still included in the payroll. Fortunately, no payments have

been made to the employees since their dismissals. When you followed up on this

matter with the CFO, he indicated to you that he has a practice of removing such

employees from the payroll at the company’s year-end.

2.2 Employee expense Employees are paid salaries on the last working day of the

month. LearnCo. has no set salary structure for its employees. Employees can secure a

higher pay-rate upon their appointment and during their performance reviews based on

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