Evaluate the following statement made by an auditing student: “I do not understand cost accounting; therefore, I want to get a job with an auditing firm where I will only have to know financial accounting.”
Answer to relevant QuestionsWhich population of documents or records would an auditor sample to determine whether (a) all authorized production was completed and placed in inventory or written off as scrap? and (b) finished goods inventory were ...What features of a payroll system can be expected to prevent or detect (a) Payment to a fictitious employee? (b) Omission of payment to an employee?Describe a control test using generalized audit software that can be performed in a computerized payroll system.In a payroll system, which duties should be separated? Give some examples of payroll control omissions that would make it easy to “think like a crook” and see opportunities for errors and frauds.
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