Compensation and Benefits Paper Essay Example | Topics and Well Written Essays - 1000 words

Compensation and Benefits Paper - Essay Example For example, the same job might have different structures, meaning that the levels that the organization uses are diverse. In this case, the levels used by the organization determine the organization structure, since the different people report to different managers. In the example of software engineers in the Phoenix area, the type of job structures is best exemplified. In this case, there are three different job structures for the same occupation, each job structure attracting a different salary. The first job structure is Software engineer 1, which is the lowest level in the field. This job structure attracts an average salary of $58,001 (Salary.com, 2011), and from the job description, requires up to 2 years of experience in a similar position. An individual in this position is always under immediate supervision, and cannot exercise independent judgment in the job. The second job level is a software engineer 2, who makes an average salary of $73,539 (Salary.com, 2011), and is a l ittle higher than the software engineer 1. This job level requires between 2 and 4 years of experience, performs more tasks that the first job level. This employee reports to one manager, and is usually not under immediate supervision. ... The information described above can be used in the development of a pay structure in a simple way, since the factors that determine pay are already evident. The description of three job levels above indicates that two factors that determine the pay structure in an organization. The first factor is the experience that an individual possesses (Ranken, 2010). The educational level is usually constant, since an individual is expected to possess minimum qualifications before consideration for the job is done. In this case, the first level, which earns the lowest salary, possesses the least experience, and the third job level possesses the highest job experience. This indicates that the development of a pay structure should be dependent on the experience that an individual possesses. From the above information, it is also evident that the development of a pay structure is also dependent on the level of independence that an individual is accorded in an organization (RAnken, 2010). For examp le, a first level engineer is accorded the least level of independence, therefore, it is to be expected that the pay grade will be the lowest. Conversely, the third level engineer is accorded the highest level of independence; therefore, the pay grade is the highest. Benefits Benefit Description Value Reason for benefit Social Security Social security is a contributory program made by all employers to a government fund for the retirement, medical aid, and disability fund for employees. The employees are assured that they will get retirement benefits and medical care at the moment they retire. Required by law Disability Disability benefits are not mandatory since they are already covered by social security. This benefit is

The Audit Report and Internal Control Evaluation Essay

The Audit Report and Internal Control Evaluation - Essay Example It is the responsibility of the management of Apollo Shoes Incorporation to prepare these financial statements. We are responsible to conduct the audit of financial statements of the company and to express an opinion on the basis of audit findings. In addition to the audit we have also audited management’s assessment, included in the accompanying Management’s Report on Internal Control Over Financial Reporting, that APOLLO SHOES, INC. maintained effective internal control over financial reporting as of December 31, 2007, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO criteria). APOLLO SHOES’ management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of internal control over financial reporting. ... Our audit of the financial statements including examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounti ng principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely