Which duties should be separated in the payroll cycle?
Answer to relevant QuestionsWhat is a business risk? Why is the Auditing Standards Board’s set of management assertions important to auditors? Do these assertions differ from those included in PCAOB standards? If so, how are they different?How does a company ensure that terminated employees are removed from the payroll?An audit team most likely would assess control risk at the maximum if the payroll department supervisor is responsible for a. Examining authorization forms for new employees. b. Comparing payroll registers with original ...Which of the following activities most likely would be considered a weakness in an entity’s internal control over payroll? a. A voucher for the amount of the payroll is prepared in the general accounting department based ...
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