Describe a walkthrough of the payroll transaction flow from hiring authorization to payroll checkdisbursement. (a) What document copies would be collected? (b) What controls should be noted?

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: Payroll Checking Account:-It is a separate bank account of a business that is only used for payroll…

Q: Payroll Authorization in a Computerized System. Two accountants were discussing control activities…

A: Computerized Payroll System:   A system that stores and maintains all the information related to…

Q: Can you explain how the internal control of Documentation Procedure is violated in this question?…

A: The controls that are implemented to ensure the accountability and the integrity of the financial…

Q: What documents are included in the audit trail for payroll?

A: Payroll System:   Payroll system is a system within an organization that manages the payment of…

Q: Items 1 through 8 are selected questions typically found ininternal control questionnaires used by…

A: We will answer only first two sub-parts of this question as it is not mentioned which sub-part is to…

Q: How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to…

A: Before calculating payroll taxes, the employees will need to complete these new employee documents,…

Q: Explain audit for payroll

A: Transaction in statement  of profit and loss is been audited by performing substantive analytical…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: Control procedures are designed with a view to prevent the frauds and errors from occurring in the…

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: The key Internal control activities are as follows:- Segregation of duties Authorization and…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: A payroll register provides the information related to the pay of each employee during each pay…

Q: Required: a. Assess the transaction-related audit objective in the payroll and personnel system of…

A: Auditing: Auditing can be defined as the process of evaluating the accuracy of the information…

Q: In quickbooks, What is the process for setting up the payroll system?

A: QuickBooks: QuickBooks are accounting software that provides various types of tools to manage your…

Q: List the supporting documents and records the auditorwill examine in a typical payroll audit in…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: Describe the uses of payroll register in business.

A:

Q: Evaluate the difficulties associated with preventing and detecting payroll fraud.

A: Payroll is the compensation that a firm must pay to its employees on a given day and for a specific…

Q: sses and exampl

A: Here are some of the common risks to be aware of and  payroll processes can help in them: Overtime…

Q: Kitty works in the payroll division of Ludlow Ltd. When preparing the weekly payroll summary, she…

A: Review of operational performance means identifying the levels at which all business functions can…

Q: Payroll Processed by a Service Organization. Assume that you are the audit senior conducting a…

A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…

Q: Advise the college on the weakness in its systems and procedures due to payroll fraud.

A: List of some actions to be taken by college on the weakness in its systems and procedures due to…

Q: What are the two main controls for payroll? Provide an example of each.

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: CONTROL PROCEDURES ARE THE SPECIFIC ACTIONS THAT MANAGEMENT TAKES TO MAINTAIN CONTROL AND TO ENSURE…

Q: Describe a minimum of three ways Accounting Iinformation System can help minimize or eliminate…

A: Following are the three ways that helps to minimize and eliminate inaccurate time and attendance…

Q: Auditors ordinarily ascertain whether payroll checks are properly endorsed during the auditofa.…

A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…

Q: Describe the payroll cycle including risks,source documents, and controls (Appendix 8C).

A: Payroll is often processed by service bureaus, balance sheet accounts usually small and rely on the…

Q: How do you find and calculate FICA-Med on a payroll register?

A: FICA represents the tax amount charged on the paycheck of the employee for social security (SS) and…

Q: What features of a payroll system could be expected to prevent or detect the (a) payment of a…

A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…

Q: What are the risks prevalent in a payroll system?

A: Payroll system is generally the system used in an organization to manage the salary and wages…

Q: How might a business use a payroll register?

A: Definition:   Payroll register: A schedule that is maintained by the company to record the earnings,…

Q: What are solutions a company can take to protect itself against any employees committing fraud…

A: Payroll theft or fraud is the misusing of the company's funds to issue wrong payments or salaries.…

Q: what are the examples of independent verification controls in a payroll accounting system

A: Payroll accounting involves recording of Employee related data including: gross wages, salaries,…

Q: An audit team most likely would assess control risk at the maximum if the payroll department…

A: An audit team most likely would assess control risk at the maximum if the payroll department…

Q: Account balances for payroll and personnel accounts are designed and tested.

A: Introduction: Identification of transactions and accounts in personnel and payroll cycle. Initially,…

Q: Which function should distribute paychecks?a. personnelb. timekeepingc. paymasterd. payroll

A:

Q: An audit client has engaged a third-party service organization tohost its payroll software package…

A: Given: The engagement of the third-party for hosting the payroll software package.

Q: The Accounting Iinformation System may assist to decrease or eliminate erroneous time and attendance…

A: Accounting information system: It refers to an information system used in different accounting…

Q: Why is it important for a business to have good internal controls where payroll is concerned? What…

A: Please find the answer to the above questions below:

Q: Why should employee paychecks be drawn against a special checking account?

A:

Q: Make the journal entry (debit and credits) for recording the payroll.

A: Payroll accounting is known as the recording of all the payroll transactions in the books of the…

Q: Preparing the Payroll Register

A: Chris German has worked more than 40 hours, so his hourly rate for 1 hour overtime is 1.5 times…

Q: In the event of payroll fraud, discuss the suggestion that the human elements of control systems are…

A: Employee payroll fraud is a complex problem for small company owners in the United States. The…

Q: Which control activity is the entity implementing when at the end of each month, an HR clerk is…

A: Payroll refers to the list of employees of any company which is entitled to receive a desired sum of…

Q: Case Study. In an automated payroll processing environment, a department manager substituted the…

A: Hash Total is the best control technique to detect this action using employee identification…

Q: hat is the essentiality of knowing the com

A: Introduction : Payroll can be understood as the remuneration that a company must pay to its workers…

Q: How do you find and calculate FUTA and SUTA on payroll register?

A: Solution-   Lets take a example- Question- Merger company has 10 employees  each of whom earns $2000…