Improved Methodology of Accounting and Audit of Payments to Employees in Ukraine

Abstract

The issue of organization of payments to employees at the enterprise is the basis of social and labour relations of employees, employers and the state, affecting the effectiveness of labour management in general, they are one of the most critical and complex areas of work, occupying a central place in the accounting system. The authors analyzed the theoretical and methodological basis of payments to employees, compared to international and domestic standards for employee benefits. Authors also analyzed the dynamics of average and minimum wages over the past 10 years, and revealed the features of the organization of wages and the general scheme of accounting for wages. The authors demonstrated the essence of the concept of "payments to employees" and its components, analyzed in detail the features of the existing practice of accounting and audit of settlements with employees. A thorough theoretical and methodological analysis of the study allowed the authors to propose improvements in accounting for settlements with employees on practical examples, namely the detailed structure of account 66 "Payments to employees". The authors also proposed an improved audit methodology that will allow the auditor to cover all aspects of payroll accounting, investigate the correctness, timeliness, legality of reflection in payroll, cover all aspects of payroll accounting, identify violations promptly, conduct a quality audit.

Stimulators of Credit Activity of Banking Institutions

“…Thus, factor 1 includes the ratio of coverage of non-current assets by equity (Х16) with loads 0.928, which indicates an increase in financing of non-current assets through equity and increase the financial stability of the financial company; factor 2 embodies the coverage ratio (liquidity of the third degree) (Х13) with the load 0.94, which means a high level of solvency of the financial company in the medium term; the structure of factor 3 is determined by the turnover ratio of current assets (Х8) with load 0.942; factor 4 with significance 0.945 characterizes the turnover ratio of fixed assets (Х11); factor 5 is determined by the coefficient of coverage of financial costs by operating results (Х3) with significance 0.970and characterizes the efficiency of operating activities of the company; factor 6 is significant for the quick liquidity ratio (Х6) with the load 0.981; in the structure of factor 7 the key is the turnover ratio of current assets(Х21) with load 0.946; factor 8 is determined by a significant coefficient of financial independence (Х15) with a load 0.975; factor 9 is the most significant (with the load 0.979) and determines the level of debt coverage(Х1), which allows the financial company to service the debt to banking institutions [47][48][49].…”

Directions of Monitoring the Financial Activity of Agricultural Enterprises

“…In today's market conditions, every agricultural enterprise should be able to independently plan current market activities, considering the peculiarities of managing its own financial stability under the influence of internal and external factors that can negatively affect the results. The processes of development of the agro-industrial sector in modern conditions require the heads of agricultural enterprises and their financial condition control services to be more independent in making managerial decisions that can have a significant impact both on the development of enterprises as a whole and on the consolidation of their current financial situation (Qin, & Kong, 2021;Panasyuk et al, 2021;Kuzmenko et al, 2021). In the current situation, the prospect of maintaining the financial stability of an agricultural enterprises and subsequent development as a whole depends on the effectiveness of the management of the financial services of an agricultural enterprise, on their ability to correctly assess the financial situation at the enterprise, make adequate decisions and competently implement them into reality (Radchenko et al, 2020;Dzwigol et al, 2019;Taran et al, 2020).…”

Internal Control System Quality and Decision-Making Success: The Role of the Financial Information Quality

“…Internal control is an activity that involves financial and management accounting, strategic projects, operational and personnel management, as well as total quality management [33]. Internal control measures, which cover all aspects of accounting, can contribute to the effectiveness of accounting and labour management [34].…”