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 riskDescribe a practical preventive internal control that would directly address the riskDescribe a practical detective internal control that could implement in relation to the riskDescribe a practical test that could use to have evidence support the assertion

Account at Risk key assertion at risk preventive internal control detective internal control…

Answered: Payroll Expenses: Overpayment of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

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

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions