Are any time lags in recording economic events typically experienced in payroll systems? If so, what are they? Discuss the accounting profession’s view on this matter as it pertains to financial reporting.

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: What are your key takeaways from the receivables audit? How critical is receivables to the business?…

A: This question deals with the receivables audit.

Q: Who among the following uses accounting information to know the possible wage increments? O a.…

A: Employees use the accounting information to know the possible wage increments because they are…

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: (a) the payment of an unauthorized employee and (b) omission of payments to an employee may be…

A: Introduction: Payroll is a term that refers to a company's roster of employees and the money sent to…

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: 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…

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: 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: Major Risks in Payroll Cycle. Prepare a schedule of the major risks in the payroll cycle. Identify…

A: Payroll cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

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: 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: Design and perform tests ofdetails of balances for accounts inthe payroll and personnel cycle.

A: Step 1 Identification of transactions and accounts in personnel and payroll cycle.   Initially, the…

Q: Establish the payroll requirements for an organisation: describe the scope of payroll services that…

A: The asked question has multiple parts in it. Let's answer them one by one: 1. Establish the payroll…

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: 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: What are the most common errors and frauds in the personnel and payroll cycle? Which control…

A: Payroll cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

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: Search the term "payroll accounting" to read personal perspectives about payroll practice,…

A: Payroll accounting is the accounting which is that branch of accounting which deals with the…

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: 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: 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: Describe the cost and basic accounting activities related to payroll ?

A: Payroll accounting is just recording the payroll expenses of a business into the final ledger.

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: Explain when and why the users of financial statements are not able to detect earnings management.

A: Earning management means making the financial statement as per managements requirements and…

Q: Describe the costs and the basic accounting activities relationg to payroll

A: Payroll:- Payrolll may be a list of workers who get paid by the corporate. Payroll also refers 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: 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: Give suggestions to avoid payroll related fraud in companies

A: Payroll fraud is the most common and costliest forms of asset defalcation. Falsified wages, Ghost…

Q: Who among the following uses accounting information to know the possible wage increments? Bankers b.…

A: Employees use the accounting information to know about the wage increments about the business…

Q: what is the most critical risks in your payroll process? What should be the internal control to…

A: Payroll process is the most important process in any organization as it would be a critical factor…

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: 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: ___________________________is not a specific account in a company’s accounting records?

A: SOLUTION- NET INCOME  IS GROSS PROFIT MINUS ALL OTHER EXPENSES OR COSTS AS WELL AS ANY OTHER INCOME…

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:

Q: What are the most frequent mistakes and scams that occur in the payroll and personnel processes?? In…

A: This question explains about the most frequent mistakes and scams that occur in the payroll and…