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Payroll Expenses: Overpayment of overtime. Account Payable: Payments made twice to the same supplier. Fixed Assets: wrong calculation to the depreciation.   Required: Determine the key assertion at risk Describe a practical preventive internal control that would directly address the risk Describe a practical detective internal control that could implement in relation to the risk Describe a practical test that could use to have evidence support the assertion

Payroll Expenses: Overpayment of overtime. Account Payable: Payments made twice to the same supplier. Fixed Assets: wrong calculation to the depreciation.   Required: Determine the key assertion at risk Describe a practical preventive internal control that would directly address the risk Describe a practical detective internal control that could implement in relation to the risk Describe a practical test that could use to have evidence support the assertion

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Payroll Expenses: Overpayment of overtime.
  2. Account Payable: Payments made twice to the same supplier.
  3. Fixed Assets: wrong calculation to the depreciation.

 

Required:

  1. Determine the key assertion at risk
  2. Describe a practical preventive internal control that would directly address the risk
  3. Describe a practical detective internal control that could implement in relation to the risk
  4. Describe a practical test that could use to have evidence support the assertion
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