Question: List the main risks auditors will be concerned with in
List the main risks auditors will be concerned with in assessing risk in the production and payroll processes of a typical manufacturing business.
Answer to relevant QuestionsWhat are the functions normally associated with the production process? Why is an understanding of the production process, including the related data processing and cost accounting, important to auditors evaluating the ...What items in an auditee’s production asset and amortization schedule can auditors use for designing audit procedures? Describe these audit procedures.Describe a walk-through of the payroll transaction flow from hiring authorization to payroll cheque disbursement. What document copies would be collected? Describe a control test using generalized audit software that can be performed in a computerized payroll system.What important information can be found in employees’ personnel files?
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