Question: Why is it important for the auditor to audit the payroll cycle?

Why is it important for the auditor to audit the payroll cycle?

Step by Step Solution

★★★★★

3.40 Rating (172 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

1 Salaries wages and employee benefits are a major expense at ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

1148-B-A-A-A-N(4840).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Q:

Why is it important for the auditor to use risk analysis to develop expectations about client performance?

Q:

Why is it important for the auditor to develop a list of "hypothesized frauds" as opposed to first seeking management's explanations of differences in account balances?

Q:

Auditors often have to test the effectiveness of infrequently operating controls, such as monthly closing and reconciliation processes. Determining the appropriate extent of testing of such controls...

Q:

You are assigned as the lead auditor in auditing the payroll cycle with SOCAL Bank, a small local credit union. You schedule a entrance meeting with the payroll manager who is most knowledgeable...

Q:

You are assigned as the lead auditor in auditing the payroll cycle with SOCAL Bank, a small local credit union. You schedule a entrance meeting with the payroll manager who is most knowledgeable...

Q:

Advanced Auditing You are assigned as the lead auditor in auditing the payroll cycle with SOCAL Bank, a small local credit union. You schedule a entrance meeting with the payroll manager who is most...

Q:

Audit of Payroll Cycle & Audit of Long Term Liabilities, Shareholders Equity and Income Statement Case 5 It is July 2021. You are an audit supervisor of Anggerik & Co and are in the process of...

Q:

Discuss the relationship between each account within each of four (4) identified audit cycles (40 Marks). Audit Cycles: Audit of Cash and Bank Cycle Audit of Inventory and Warehousing Cycle Audit of...

Q:

Q4 What are the three types of transactions that are important to the auditor in Audit the stockholders Equity? The subject is Auditing Accounting. I need new answers PLZ.

Q:

1. A set of characteristics that helps to define a seriousness about employees' attitudes about the control activities in a company is referred to as A. Management assertions. B. Control environment....

Q:

Describe the common nonverbal cues used by someone you have worked for. Are they usually consistent or inconsistent with that persons verbal expressions? Explain.

Q:

Driven Products (DP) designs and produces automotive parts. In 2013, actual manufacturing overhead is $ 617,200. DPs simple costing system allocates manufacturing overhead to its three customers...

Q:

Is there a difference between the transference of high-paying white-collar jobs, such as computer programming and accounting, to developing nations, and low-paying blue-collar jobs? If so, what is...

Q:

Why do people expect inflation to heat up when the unemployment rate ap proaches 4 percent? LO6-4

Q:

List the elements of the auditors report with an unmodified opinion and explain the meaning of each part.

Q:

Provide examples of two controls that improve completeness over recording of acquisitions transactions.

Q:

The Chartered Professional Accountant examines all unrecorded invoices on hand as of February 28, 2019, the last day of the audit. Which of the following misstatements is most likely to be uncovered...

Q:

Consider the following two projects: Project Year 0 Year 1 Year 2 Year 3 Year 4 Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow A - 100 40 50 60 N/A B -73 30 30 30 30 Discount Rate 0.1 0.1 The net...

Q:

A stock just paid a dividend of $1.03. The dividend is expected to grow at 20.05% for two years and then grow at 4.26% thereafter. The required return on the stock is 13.41%. What is the value of the...

Q:

MATH 250- Elements of Statistics Class Data, Spring 2021---CLEANED Student Data--ID# Renur Individual Foot Number Hair ID# Gender Length Height Age Armspan in Family Color Female 24.5 157.5 20 158.0...