(a) (b) Labour is an important consideration in the valuation of inventory in manufacturing construction and...

 

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(a) (b) Labour is an important consideration in the valuation of inventory in manufacturing construction and other industries. Payroll is an area in which company resources can be wasted because of inefficiency or stolen through fraud. Required: Briefly explain FIVE (5) internal controls over the payment of payroll function. (5 marks) Differentiate between review of audit documentation and independent review. State the objective of each. (4 marks) (a) (b) Labour is an important consideration in the valuation of inventory in manufacturing construction and other industries. Payroll is an area in which company resources can be wasted because of inefficiency or stolen through fraud. Required: Briefly explain FIVE (5) internal controls over the payment of payroll function. (5 marks) Differentiate between review of audit documentation and independent review. State the objective of each. (4 marks)

Answer rating: 100% (QA)

a Following are the internal controls over the payment of payroll function 1 Audit Have either internal auditors or external auditors conduct a periodic audit of the payroll function to verify whether ... View the full answer