_{^{Samuelson & Samuelson CPA (S&S) has a large construction client Speedy Build (SB). Samuel, the audit manager of S&S, is supervising his team on the audit of the payroll cycle of SB, focusing on the payment to site workers. SB uses timecards to record hours worked by workers and pay them by cheques on a bi-weekly basis. Samuel notes the following audit tests done for December.}}

_{^{1. The payroll master file was scanned for large or unusual amounts.}}

_{^{2. Hours on the timecards were recomputed and the total hours worked were traced to the payroll transaction file.}}

_{^{3. Dates on the payroll cheques were compared to dates on cancelled cheques and the payroll bank statement.}}

_{^{4. Unclaimed payroll cheques were traced to employee records in the human resources file.}}

_^Required:

_{^{For each of the above audit tests, (i) identify the transaction-related audit objectives and (ii) discuss the likely misstatements which could be discovered.}}