. Zion Associates, a start-up Boston-based engineering company, just hired you as payroll accountant. What are some of the payroll internal controls you would implement to ensure that Zion’s payroll system is fraud and theft free? Name three internal controls mechanisms: a. b. c.

. Zion Associates, a start-up Boston-based engineering company, just hired you as payroll accountant. What are some of the payroll internal controls you would implement to ensure that Zion’s payroll system is fraud and theft free? Name three internal controls mechanisms: a. b. c.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1) Why is Responsibility Accounting necessary and how is it implemented? 2) Determination of control risk in the HR cycle (personnel) include an example of the explanation you gave? 3) To design an audit program for testing controls, what stages must the auditor go through when auditing a banking service company?
As a high fraud-risk area, payroll data is used to conduct fraud tests. Which of the following is a fraud test for ghost employees? O Payroll processed for employees before their start dates or after their termination dates Comparison of timecard data to payroll data to identify variances Comparison of wages earned to employee job classification O Cumulative payroll journal
Is it an entity inherent risk for the information below? A computer network and personal computers support Marco Inc's accounting and inventory management systems. Personal computers are located in the offices and warehouse and a central server handles all accounting and inventory files. Printers are located in areas where employees need printed documents and other records routinely. The computer is used to control and process most transactions, to print documents, prepare accounting records, and prepare periodic financial statements. Marco uses commercial software recommended by their auditor. To date, they have had only the usual startup problems. They have used it for two years and have upgraded it once. If it is an inherent risk, what is the feature of the firm that will possibly affect inherent risk and explain how and why; that is whether it increases or decreases inherent risk. Please address a specific risk to the accuracy of the financial statements with the "how" and whether…
Answer multi choice question in photo please
Mike and his supervisor Claire are having a conversation one morning about one of their current audit clients internal controls over the payroll. Mike mentions to Claire that he has considered conducting a walkthrough of the client's payroll system but isn't exactly sure what documentation he might collect to support his walk through. Which of the following represent appropriate recommendations by Claire with respect to documentation Mike could collect? Select all that apply: 1. Mike should consider collecting source documents to support payroll transactions such as bills of lading 2. Mike should consider selecting and reviewing a sample of employee time cards for hourly employees, to verify hours worked 3. Mike could think about selecting a sample of payroll authorizations to ensure only authorized new employees are added to the payroll 4. Mike could examine payroll tax retums for the client, to ensure that employees are currently remitting federal, state, and local taxes to the…
6. In which of the following situations does the internal auditor potentially lack objectivity? a. A payroll accounting employee assists an internal auditor in verifying the physical inventory of small motors. b. An internal auditor discusses a significant issue with the vice president to whom the auditee reports prior to drafting the audit report. c. An internal auditor recommends standards of control and performance measures for a contract with a service organization for the processing of payroll and employee benefits. d. A former purchasing assistant performs a review of internal controls over purchasing four months after being transferred to the internal audit department.