Which internal control is not an important part of the payroll system? a. supervisors verify the accuracy of employee time cards b. paychecks are distributed by an independent paymaster c. the accounts payable department verifies the accuracy of the payroll register before transfer-ring payroll funds to the general checking account d. the general ledger department reconciles the labor distribution summary and the payroll disbursement voucher

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A:

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: A list of terms and another list of definitions and examples are presented below. Match the directly…

A:

Q: Discuss the importance of employee timekeeping in preparing the payroll? Discuss the different…

A: Timekeeping Timekeeping is important for the business entity which provides and track the details of…

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: 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…

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A: Are names of terminated employees reported in writing to the payroll department? Occurrence- Trace…

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: b

A: The process of matching the detailed amounts of unpaid customer billings to the accounts receivable…

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: 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: Effective control over the cash payroll function would mandate which of the following?a. The payroll…

A: Internal controls are the systems, rules, and strategies executed by an organization to guarantee…

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: Refer to the flowchart.a. What risks are associated with the payroll procedures depicted in the…

A: Definition: Payroll control: A payroll fund is an amount which is used to pay the salary 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: According to COSO, the proper segregation of functions is an effective internal control procedure.…

A: Internal controls are set of rules, policies and procedures which enables effective and efficient…

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: sses and exampl

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Q: Matthew Corp. has changed from a system of recording time worked on clock cards to a computerized…

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

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

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

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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.…

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

Q: payroll system in the accounting department

A: Payroll system integrates all processes that include recording employee details, calculation and…

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…

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A: Audit Procedures Type of evidence 1 Inspection of asset 2 Reperformance 3 Observation 4…

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: 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…

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A: Ethics: Business ethics refers to a set of moral codes and guidelines that governs corporate…

Q: fy types of errors that may cau

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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: 1. In ideal circumstances, each payroll check is delivered personally to the employee who signs a…

A: Payroll checks are related to salaries and wages of the employees. Income taxes are amount of dues…