Describe a control test using generalized audit software that can be performed in a computerized payroll system.
Answer to relevant QuestionsDescribe analytical procedures that can be used for payroll transactions and balances. How does the production order document or record provide a control over the quantity of materials used in production? Is there anything wrong with auditors helping auditees obtain bank loans to pay their accounting firm’s fees? Required: Prepare a schedule of the major risks in the payroll process. Identify the control objectives and financial statement assertions related to each. Lay out a three- column schedule asfollows:The Generous Loan Company has 100 branch loan offices. Each office has a manager and four or five subordinates who are employed by the manager. Branch managers prepare the weekly payroll, including their own salaries, and ...
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