Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions. To choose: The procedure that is most likely to be considered a weakness in internal control over payroll.

Question

Want to see the full answer?

Answer 1

Question

Chapter 12, Problem 12.15MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The procedure that is most likely to be considered a weakness in internal control over payroll.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Please don't use hand rating

"Dividend paying stocks cannot be growth stocks" Do you agree or disagree? Discuss choosing two stocks to help justify your view.

Answer 2

Question

Chapter 12, Problem 12.15MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The procedure that is most likely to be considered a weakness in internal control over payroll.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 12, Problem 12.15MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The procedure that is most likely to be considered a weakness in internal control over payroll.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 12, Problem 12.15MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The procedure that is most likely to be considered a weakness in internal control over payroll.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 12, Problem 12.15MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The procedure that is most likely to be considered a weakness in internal control over payroll.

Answer 6

Chapter 12, Problem 12.15MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The procedure that is most likely to be considered a weakness in internal control over payroll.

Answer 7

Chapter 12, Problem 12.15MCQ

To determine

Concept Introduction:

Payroll expenses take major part of the company’s earnings and hence these are one the major expenses for an organization. There are chances of misstatements in payroll accounting due to high human involvement. The auditor plans separately for the audit of payroll transactions.

To choose: The procedure that is most likely to be considered a weakness in internal control over payroll.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 12 - Prob. 12.1RQ Ch. 12 - Prob. 12.2RQ Ch. 12 - Prob. 12.3RQ Ch. 12 - Prob. 12.4RQ Ch. 12 - Prob. 12.5RQ Ch. 12 - Prob. 12.6RQ Ch. 12 - Prob. 12.7RQ Ch. 12 - Prob. 12.8RQ Ch. 12 - Prob. 12.9RQ Ch. 12 - Prob. 12.10RQ

Solution Summary: The author explains that payroll expenses are one of the major expenses for an organization. The auditor plans separately for the audit of payroll transactions.

Want to see the full answer?

Chapter 12 Solutions