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Terms in this set (10)An audit team most likely would assess control risk at the maximum if the payroll department supervisor is responsible for a. Authorizing payroll rate changes for all employees. Which of the following departments most likely would approve changes in pay rates and deductions from employee salaries? d. Personnel. 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 change c. Part of the audit trail is altered. Effective control over the cash payroll function would mandate which of the following? c. Each employee should be asked to sign a receipt. A large retail enterprise has established a policy that requires the paymaster to deliver all unclaimed payroll checks to the internal audit department at the end of each payroll distribution day. This policy was most likely adopted to b. Detect any fictitious employee who may have been placed on the payroll. Auditors ordinarily ascertain whether payroll checks are properly endorsed during the audit of b. Clock cards. In determining the effectiveness of an entity's policies and procedures relating to the occurrence assertion for payroll transactions, auditors most likely would inquire about and c. Observe the separation of duties concerning personnel responsibilities and payroll disbursement. Which of the following activities most likely would be considered a weakness in an entity's internal control over payroll? b. The employee who distributes payroll check returns unclaimed payroll checks to the payroll department. Which of the following payroll control activities would most effectively ensure that payment is made only for work performed? a. Require employees to have their direct supervisors approve their time cards. Which of the following activities performed by a department supervisor most likely would help to prevent or detect a payroll fraud? c. Approving a summary of hours each employee worked during the pay period. Sets with similar termsAudit chapter 8c10 terms Richard_Banasiak AUD - 777 terms chelseababy27 ACCT 451 Module 740 terms ellen_weaver5 Chapter 7: IC: Purchases, Payroll, and other cycles21 terms jenessa_bormann Sets found in the same folderACCT 405 - Multiple Choice - Ch. 925 terms ChastityShaw43 ACCT 405 - Multiple Choice - Ch. 1025 terms ChastityShaw43 ACCT 405 - Multiple Choice - Ch. 1121 terms ChastityShaw43 ACCT 405 - Multiple Choice - Ch. 1215 terms ChastityShaw43 Other sets by this creatorGB 450 - final141 terms ChastityShaw43 FIN 440 - Extras44 terms ChastityShaw43 FIN 440 - Short Answers13 terms ChastityShaw43 ACCT 410 - Governmental19 terms ChastityShaw43 Recommended textbook solutions Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions
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Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Other Quizlet setsExam 163 terms Ellie_Adams126 Questions On Jeopardy Game17 terms Merline_PierreLouis ACC1050-101 Quiz #111 terms douglasem914 Cranial Nerves10 terms Morgan_Allshouse Related questionsQUESTION Job specifications provide information regarding the essential tasks, duties, and responsibilities of the job. 2 answers QUESTION The planned elimination of jobs is termed 2 answers QUESTION people skills; leadership; listening; integrity, ethical behavior, consistent; strong at building teams; conflict resolution, conflict management; strong at building trusts; verbal communication; critical thinking, problem solving; understands, balances priorities 2 answers QUESTION 119) Heavy focus on price reductions and discounts during recession allow firms to improve long-term brand equity and price integrity. 6 answers Which of the following accounts would most likely be reviewed by the auditor to gain reasonable assurance that additions to the equipment account are not understated?Reviewing the purchase return and allowance account. Which of the following accounts would most likely be reviewed by the auditor to gain reasonable assurance that additions to property, plant, and equipment are not understated? Repairs and maintenance expense.
Which of the following procedures would be most likely to be considered a weakness in an entity's internal controls over payroll?The unclaimed payroll checks should not be provided back to the payroll department. They must be returned to the accounts payable department as they are responsible to prepare the checks. Hence, this is the internal control weakness in the entity.
Which of the following computer documentation types would an auditor most likely utilize in obtaining an understanding of the internal control structure?Which of the following computer documentation types would an auditor most likely utilize in obtaining an understanding of the internal control structure? Systems flowcharts.
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Which of the following departments most likely would approve changes in pay rates and deductions from employee salaries quizlet?
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