Question: You have been hired to evaluate the payroll system for the Skip-Rope Manufacturing Company. The company processes its payroll in-house. Use Table 15-1 (last page)
You have been hired to evaluate the payroll system for the Skip-Rope Manufacturing Company. The company processes its payroll in-house. Use Table 15-1 (last page) as a reference to prepare a list of questions to evaluate Skip-Rope’s internal control structure as it pertains to payroll processing for its factory employees. Each question should be phrased so that it can be answered with either a yes or a no; all no answers should indicate potential internal control weaknesses. Include a third column listing the potential problem that could arise if that particular control were not in place.
Step by Step Solution
3.42 Rating (161 Votes )
There are 3 Steps involved in it
Question YN Threat if control missing 1 Are payroll changes hires separations salary changes overtime bonuses promotions etc properly authorized and approved 1 Unauthorized pay raises and fictitious e... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
373-B-A-I-S (4984).docx
120 KBs Word File
