Matthew Corp. has changed from a system of recording time worked on clock cards to a computerized payroll system in which employees record time in and out with magnetic cards. The computerized system automatically updates all payroll records. Because of this changea. A generalized computer audit plan must be used.b. Part of the audit trail is altered.c. The potential for payroll-related fraud is diminished.d. Transactions must be processed in batches.

Q: Two features of internal control are presented in the following sections. Each is followed by a list…

A: Internal controls is the control mechanism implemented in the organisation, which helps ensure…

Q: ABC Limited is a manufacturing firm with a workforce of more than 100 employees. Mr Peter has…

A: PLEASE LIKE THE ANSWER AND COMMENT FOR ANY QUERY.  The maintenance of subsidiary ledger helps to…

Q: Which of the following is NOT an example of application control?* a. Pre-filled forms are already…

A: Control Activities - The policies, tactics, methods, and processes known as control activities are…

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: ABC Limited is a manufacturing firm with a workforce of more than 100 employees. Mr Peter has…

A: Inward control is the interaction planned and affected by those in charge of administration, the…

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: Assume that Brooke Miles, accounts payable clerk for West Coast Design Inc., stole $48,350 by paying…

A: Internal control refers to the policies and plans of the business organization along with other…

Q: Which of the following is least indicative of fraudulent activity?a. Numerous cash refunds have been…

A: Answer:   Option C

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: 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: Charles Hart, an accounts payable clerk, is an hourly employee. He never works a minute past 5 P.M.…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: will hurt employee morale. The same employee requests, records, and makes payment for purchases of…

A: internal controls , mechanism rules and procedures that is implemented by the company in order to…

Q: Erin Company recently changed its system of internal controls over cash disbursements.  The system…

A: Internal control activities are used so that accounting system is prevented from errors and frauds.…

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

A: a.

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: Identify Computer Control Weaknesses. Ajax Inc., an audit client, recently installed anew accounting…

A: a.

Q: Two features of internal control are presented in the following sections. Each is followed by a list…

A: Internal control is the control system implemented in the organisation to ensure that the…

Q: ABC Limited is a manufacturing firm with a workforce of more than 100 employees. Mr Peter has…

A: The maintenance of a subsidiary ledger aims to ensure the account books are correct. The Subsidiary…

Q: he company XYZ suffers from numerous weaknesses in its internal control  system.  For each the below…

A: We are provided with various transactions on the basis of that, we need to check whether the…

Q: Charles Hart, an accounts payable clerk, is an hourly employee. He never works a minute past 5 PM…

A: Given situation is:  Charles Hart, an accounts payable clerk, is an hourly employee. He never works…

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: What internal control or procedure(s) would provide protection against the following threats?   An…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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: A client operates two plants.  In Plant A, throughout the entire cutoff test window, all sales have…

A: A client operates two plants.  In Plant A, throughout the entire cutoff test window, all sales have…

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: Control risk is the risk that a material misstatement in an account will not be prevented or…

A:

Q: Read the following information and then answer questions a & b below: Assume you are an internal…

A: 1a.  On getting an anonymous hint on the company hotline about the division manager creating a shell…

Q: A large retail enterprise has established a policy that requires the paymaster to deliver all…

A: Unclaimed Payroll Checks: When the employees do not encash their paychecks they become the property…

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: An auditor found that employee time records in one department are not properlyapproved by the…

A: Option 3 is correct.

Q: Describe a control procedure that would have prevented or detected the fraud?

A: Internal Control:   Internal control is a process which ensures continuous reliability of…

Q: The following audit procedures are included in the auditprogram because of heightened risks of…

A: a.

Q: Susan Small, CPA has Medium Corporation as an audit client. Medium has asked Small to create and…

A: Auditing refers to the evaluation of a companys' books of accounts and financial statements by the…

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 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: Didrikson Rubin, the auditor of Red Barn Farm Equipment, was verifying cash payments to vendors for…

A: Fraud: In an organization, a fraud is an intentional misrepresentation of facts in the accounting…

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: ABC Limited is a manufacturing firm with a workforce of more than 100 employees. Mr Peter has…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Sarah is the payroll assistant at Samtech Ltd with over four years of experience. One Sunday…

A: Fraud Triangle has three components, they are: Opportunity Pressure, and Rationalization The fraud…

Q: Hannaford is a national grocery chain whose electronic payment processing system was breached by…

A:

Q: Computer Frauds and Missing Control Procedures. The following are brief stories ofactual employee…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Janice Dodds opens the mail for Ajax Plumbing Company. She lists all customer checks on a…

A: Internal control- It is a process of assuring to achieve the organization's objectives by doing…