Account balances for payroll and personnel accounts are designed and tested.
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Account balances for payroll and personnel accounts are designed and tested.
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- Using the flowchart structure presented in Figure 2-22 in the text, prepare a system flowchart of the payroll process outlined in Problem 3. Assume that all activities are performed manually.Flowchart Control Points. Each number of the flowchart in Exhibit H.53.1 identifies a control point in the computerized payroll processing system. List the control points and, for each point, describe the type of internal control procedure that should be implemented.Discuss the risks depicted by the payroll system flowchart. Describe the internal control improvements to the system that are needed to reduce these risks.
- Identify five general ledger accounts that are likely to be affectedby the payroll and personnel cycle in most auditsAn audit trail enables a person to trace a source document to its ultimate effect on the financial statements or work back from amounts in the financial statements to source documents. Describe in detail the audit trail for the following: a. Purchases of inventoryb. Sales of inventoryc. Employee payrollIdentify an activity base that could be used to charge user divisions for services for each actitivity. Payroll Accounts Payable Accounts Receivable Database Administration-report preparation
- What tools do auditors use to verify the ending balances in the various accounts in the acquisition and payments cycle? Please provide reference(s).You are a trainee in audit firm and you have been assigned to verify the follow balances for IJK Limited; Account payables VehiclesWhich of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements? Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.
- Assume that your audit partner has asked you to design detailed substantive testingprograms for the accounts receivable and sales; inventory; purchases and accountspayable; and payroll systems of Square Pharma. Your partner also asked you toincorporate all or some of the following types of tests: Specific analytical procedures,tests of detail (i.e. direct tests on balances and tests of transactions of a balance).While designing the testing programs, assume that the Tests of Control identifythe weaknesses as described in each of the following situations, but no other. Insummary:(a)Consider the control weaknesses for each subsystem as set out below; (b)Design and develop a substantive audit tests program using information fromlast three year annual reports and explain and justify your audit program in termsof audit objectives (also called 'audit assertions' )Note: The risk situations below are created for purposes of teaching and bear norelationship to events in Briscoe Group Ltd or any…In quickbooks, What is the process for setting up the payroll system?Which control activity is the entity implementing when the system verifies that all payroll payments have a valid employee identification number as entered by the HR department Select one: O a. Adequate separation of duties b. Physical control over assets and records Oc. Proper authorization of transactions and activities O d. Adequate documents and records