100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
CAS3701 Assignment 11 2024 - DUE 13 September 2024 R50,00   Add to cart

Exam (elaborations)

CAS3701 Assignment 11 2024 - DUE 13 September 2024

 5 views  0 purchase

CAS3701 Assignment 11 2024 - DUE 13 September 2024 QUESTIONS WITH DETAILED ANSWERS

Preview 3 out of 18  pages

  • September 13, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (113)
avatar-seller
pablitoh11
[Company name]


CAS3701 Assignment
11 2024 - DUE 13
September 2024
QUESTIONS WITH DETAILED ANSWERS

,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

performance, experience and negotiation skills. Revolve X retrieves input data for the

payroll payment from the employee database (which contains a list of employees, their

annual approved salary and benefits) and PAYE, medical aid and provident fund tables.

Revolve X is programmed to use AI to ensure that only the latest tax rates for

individuals, rates for UIF and medical tax credits are used. Revolve X also automates

the generation of payslips which are e-mailed to employees. Two days before the pay

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller pablitoh11. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R50,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81113 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R50,00
  • (0)
  Buy now