In determining the effectiveness of an entity’s policies and procedures relating to the occurrence assertion for payroll transactions, auditors most likely would inquire about anda. Observe the separation of duties concerning personnel responsibilities and payrolldisbursement.b. Inspect evidence of accounting for prenumbered payroll checks.c. Recompute the payroll deductions for employee benefits.d. Verify the preparation of the monthly payroll account bank reconciliation

Q: Ed Caluag, CPA was engaged to audit the financial statement of KMJS, Company, a continuing audit…

A: Firstly select the payroll register for a specific period, and check the details: Test the…

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: Develop audit procedures for the use of analytical procedures as a substantive procedure in the…

A: First and foremost, we must comprehend the concept of payroll cost. Payroll cost refers to the wages…

Q: below presents the payroll procedures of XYZ Limited. We discussed various aspects of such payroll…

A: Payroll In a simple word payroll means the compensation which are provided by the companies to its…

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: Which of the following activities performed by a department supervisor most likely would help to…

A: The departmental supervisor approves payroll. If the departmental supervisor distributed paychecks…

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: 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: How would you go about detecting and preventing Payroll and Expense Reimbursement Schemes ?

A: Prevention of Payroll and Expenses Reimbursement Scheme There are many ways the frauds which are…

Q: Which of the following activities most likely would be considered a weakness in an entity’s internal…

A: Answer:   Option c

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: 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…

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

Q: Please help me pass!... Thank you in advance!!

A: Firstly select the payroll register for a specific period, and check the details: Test the…

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: Identify five general ledger accounts that are likely to be affectedby the payroll and personnel…

A: The general ledger accounts are graphically presented in the form of T-accounts. All the debit…

Q: The purpose of separating the duties of hiring personnel and distributing payroll checks is…

A: Operational responsibility forms part of the record-keeping responsibility. Hence authorization of…

Q: nternal Control Questionnaire Items: Assertions, Tests of Controls, and PossibleErrors or Frauds.…

A: a.

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: 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.

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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: ) The following audit procedures are typical of thosefound in auditing the payroll and personnel…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

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: Question 3 Which of the following is an analytical procedure that an auditor most likely would…

A: Audit: It implies to the detailed examination and investigation of company's financial records so as…

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: are a member of external audit team for Hadi International Limited. Payroll was assigned to you for…

A: Audit Procedure: A specific procedure undertaken by an auditor to procure evidence in a particular…

Q: As part of a normal payroll audit, the auditor will review a variety of supporting papers and…

A: Term definition: Audit: The process of auditing financial accounts is to ensure that they are…

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: If a client uses ADP, a service center, for processing payroll, None of these. auditing standards…

A: ADP is automatic data processing facility for payroll processing. This type of processing is done by…

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: S1: When control risk is assessed as low for assertions related to payroll, substantive tests of…

A: The question is related to Auditing. Control risk is  the effectiveness of the design,…

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: Match the four functions of payroll activities with their related internal controls: a.   An…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

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: An employee not involved in personnel, timekeeping, supervision of employees, or payroll accounting…

A: The question is related to internal controls pertaining to payroll.   Internal control is a process…

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: 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: fy types of errors that may cau

A: Payroll records is maintained by the employer which include number of working hours, average pay…

Q: In auditing payroll withholding and payroll tax expense, explainwhy emphasis should normally be on…

A:

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: Figure below presents the payroll procedures of AAA Limited. We discussed various aspects of such…

A: 1.Time card Fraud : If employees falsly mentioned their time in their time sheet and get paid for…

Q: Describe SIX (6) audit risks, and explain the auditor’s response to each risk, in planning the audit…

A: Audit Risk Audit risk which describes as the chances of the risk of material misstatement or the…

Q: Payroll Tests of Controls. The diagram in Exhibit 8C.22.1 describes several payroll tests of…

A: Answer : The following will be the test control and related evidences in the following situations: