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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: List three expense accounts that are tested as part of the acquisition and payment cycle or the…
A:
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: Which of the following payroll control activities would most effectively ensure that payment is made…
A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…
Q: Describe a walkthrough of the payroll transaction flow from hiring authorization to payroll…
A: Payroll Cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…
Q: Internal Control Questionnaire Items: Assertions, Tests of Controls, and PossibleErrors or Frauds.…
A: Are names of terminated employees reported in writing to the payroll department? Occurrence- Trace…
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: In determining the effectiveness of an entity’s policies and procedures relating to the occurrence…
A: Management Assertion: Management assertion refers to the claim made by management assuring about…
Q: nternal Control Questionnaire Items: Assertions, Tests of Controls, and PossibleErrors or Frauds.…
A: a.
Q: Which of the following is a preventive control?a. Reconciliation of a bank account.b. Recalculation…
A: Definition: Prevention control: Prevention control is an activity undertaken to avoid or prevent the…
Q: ich of the following services cannot be performed for a no O Signing payroll checks. O Preparing…
A: Nonissuer client refers to the person or the client or companies who cannot issue securities nor…
Q: The following are typical questions that might appear on an internal control questionnaire for…
A: There are 2 types of substantive audit procedures:- Test of detail Analytical procedures
Q: Define the term payroll register.
A:
Q: Required 1. Prepare a flowchart of the Sherman's payroll system. 2. Discuss the risks for payroll…
A: Payroll System: Payroll system is an arrangement within an organization that manages the payment of…
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: 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: What is NOT an example of internal control procedures that help prevent payroll fraud? a.Outsource…
A: Internal control is a technique used by internal management to analyse the efficiency and…
Q: Describe a minimum of three ways AIS can help minimize or eliminate inaccurate time and attendance…
A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…
Q: Which of the following reports can improve internal control by tracking unauthorized changes to…
A: Solution: An audit log is a IT record that record sequence of activities in the system at any time…
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: 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: In an automated payroll processing environment, a department manager substituted the time card for a…
A: Internal Controls: Internal controls are the controls established within an organization to check…
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: When control risk is assessed as low for assertions related to payroll, substantive tests of payroll…
A: Solution Concept Control risk It is a risk that the company’s internal control will not be able to…
Q: Describe TWO (2) audit procedures to be performed in the audit of payroll transactions in addressing…
A: AUDIT:- Audit is an examination of books of accounts of the enterprise by the auditor.. An auditor…
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: Explain how to correct accounting errors.
A: Accounting errors refer to the errors made while recording, classifying or summarizing accounting…
Q: 1. How do organizations account for their fixed assets in MYOB?
A: "Since you have asked multiple questions, we will solve the first question for you. If you…
Q: An auditor found that employee time records in one department are not properlyapproved by the…
A: Option 3 is correct.
Q: ayroll records serve as backup for
A: Payroll refers to the desired dum of money a company or an employer pays to its employees for the…
Q: The payroll information for a pay period is recorded in the general ledger. True False
A: General ledger means the ledger where all the information of business is kept like account…
Q: Which internal control is not an important part of the payroll system? a. supervisors verify the…
A: Definition: Payroll system: The payroll system is a system within an organization that manages 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: c. Failure to Record Payroll Companies having difficulty meeting profit targets or not-for- profit…
A: The analytical procedure means evaluation using both reasonable financial and non-financial data to…
Q: Which preventive, detective, and/or corrective controls would best mitigate the following threat,…
A: The preventive controls made the management follow up procedures that protect the control system…
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: Which of the following is the best reason for prenumbering in numerical sequence documents such as…
A: Prenumbering of documents like shipping documents, sales invoices, and sales order means providing a…
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…
Q: State the purpose of footing the total column in the client’saccounts receivable trial balance,…
A: A necessary audit procedure is to test the information on the client's trial balance for detail…
Pls further explain the diagram above and identify types of errors that may cause a payroll record to be placed in the error file.
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- Explain the GPC backup technique. Is it used for sequential files or direct access techniques? Explain.Identify the following users as either an internal (I) or an external (E) user. Distribution managerFor each of the following file processing operations, indicate whether a sequential file, indexed random file, indexed sequential access method (ISAM), hashing, or pointer structure works the best. You may choose as many as you wish for each step. Also, indicate which would perform the least optimally.a. Retrieve a record from the file based upon its primary key value.b. Update a record in the file.c. Read a complete file of records.d. Find the next record in a file.e. Insert a record into a file.f. Delete a record from a file.g. Scan a file for records with secondary keys.
- Which of the following can be uploaded to QBO as attachments? Select one: A. Word documents B. Excel spreadsheets C. JPG files D. All of the above can be uploaded.What records classified and summarized transactional data? Multiple Choice O O O O proof-of-work ledger hash distributed computingScreenshots attached. I need the subparts from d) to f) to be sloved. The rest has been solved. Thank you.