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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.
b. Comparing payroll registers with original batch transmittal data.
c. Hiring all subordinate payroll department employees.
d. forms for new
employees.
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?
a. Payroll.
b. Controller.
c. Treasurer.
d. Personnel.
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
a. Transactions must be processed in batches.
b. A generalized computer audit plan must be used.
c. Part of the audit trail is altered.
d. The potential for payroll-related fraud is diminished.
c. Part of the audit trail is altered.
Effective control over the cash payroll function would mandate which of the following?
a. The payroll clerk should fill the envelopes with cash and a computation of the net wages.
b. A separate checking account for payroll should be maintained.
c. Each employee should be asked to sign a receipt.
d. Unclaimed payroll envelopes should be retained by the paymaster.
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
a. Ensure that employees who were absent on a payroll distribution day are not paid for that day.
b. Detect any fictitious employee who may have been placed on the payroll.
c. Prevent a bona fide
employee's check from being claimed by another employee.
d. Prevent the paymaster from cashing checks that are unclaimed for several weeks.
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
a. Accrued payroll.
b. Clock cards.
c. Cash in bank.
d. The voucher system.
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
a. Inspect evidence of accounting for prenumbered payroll checks.
b. Verify the preparation of the monthly payroll account bank reconciliation.
c. Observe the separation of duties concerning personnel responsibilities and
payroll disbursement.
d. Recompute the payroll deductions for employee benefits.
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?
a. Payroll checks are prepared by the accounts payable department and signed by the treasurer.
b. The
employee who distributes payroll check returns unclaimed payroll checks to the payroll department.
c. A voucher for the amount of the payroll is prepared in the general accounting department based on the payroll department's payroll summary.
d. The personnel department sends employees' termination notices to the payroll department.
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.
b. Require all employees to record arrival and departure by using the time clock.
c. Require all employees to sign their time cards.
d. Have a payroll clerk recalculate all time cards.
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?
a. Hiring employees and authorizing them to be added to payroll.
b. Distributing paychecks directly to department employees.
c. Approving a summary of hours each employee worked during the pay period.
d. Setting the pay rate for departmental
employees.
c. Approving a summary of hours each employee worked during the pay period.
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