Answered: Describe a minimum of three ways…

Describe a minimum of three ways Accounting Iinformation System can help minimize or eliminate inaccurate time and attendance data in a typical company's payroll activity.

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter3: Internal Control Issues

Section3.1: The Trolley Dodgers

Problem 1Q

See similar textbooks

Related questions

Q: Payroll Authorization in a Computerized System. Two accountants were discussing control activities…

A: Computerized Payroll System: A system that stores and maintains all the information related to…

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: 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: Explain audit for payroll

A: Transaction in statement of profit and loss is been audited by performing substantive analytical…

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

A: a.

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: ich of the following services cannot be performed for a no O Signing payroll checks. O Preparing…

A: Nonissuer client refers to the person or the client or companies who cannot issue securities nor…

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: Define the term payroll register.

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: explain why you believe having a payroll journal as a separate entity from the main journal is a…

A: Answer: Payroll journal is posted to identify the payroll to be processed per employees so that the…

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: 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: 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: 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: 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: 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: 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: 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 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: 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…

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: 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: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

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: 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: c. Failure to Record Payroll Companies having difficulty meeting profit targets or not-for- profit…

A: The analytical procedure means evaluation using both reasonable financial and non-financial data to…

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: hat is the essentiality of knowing the com

A: Introduction : Payroll can be understood as the remuneration that a company must pay to its workers…

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:

Question

Describe a minimum of three ways Accounting Iinformation System can help minimize or eliminate inaccurate time and attendance data in a typical company's payroll activity.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 1 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Discuss the risks depicted by the payroll system flowchart. Describe the internal control improvements to the system that are needed to reduce these risks.
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.
What functions can be performed by an automated payroll system?
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.
PAYROLL FLOWCHART ANALYSIS Discuss the risks depicted by the payroll system flowchart for this problem.Describe the internal control improvements to the system that areneeded to reduce these risks.
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
Identify 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
In quickbooks, What is the process for setting up the payroll system?
Describe the uses of payroll register in business.
Identify five general ledger accounts that are likely to be affectedby the payroll and personnel cycle in most audits