Identify the transaction related audit objective for each misappropriation given.

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Answer 1

Question

Chapter 20, Problem 26DQP

a.

To determine

Identify the transaction related audit objective for each misappropriation given.

b.

To determine

Indicate one or more control that would be effective in detecting the misappropriation.

c.

To determine

Explain the detection of misappropriation on account of fictitious employee by surprise payroll payoff method by the controller. And also, state the method of payoff to employee when no payoff checks are paid as the payment is made directly to bank account.

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mighty Manny, Incorporated manufactures ice scrapers and distributes them across the midwestern United States. Mighty Manny is incorporated and headquartered in Michigan. It has product sales to customers in Illinois, Indiana, Michigan, Minnesota, and Wisconsin. It has sales personnel only in the states discussed and all these states have adopted Wayfair legislation. Determine the state in which Mighty Manny does not have sales and nexus given the following scenarios:

Please provide the answer to this general accounting question with proper steps.

Answer 2

Question

Chapter 20, Problem 26DQP

a.

To determine

Identify the transaction related audit objective for each misappropriation given.

b.

To determine

Indicate one or more control that would be effective in detecting the misappropriation.

c.

To determine

Explain the detection of misappropriation on account of fictitious employee by surprise payroll payoff method by the controller. And also, state the method of payoff to employee when no payoff checks are paid as the payment is made directly to bank account.

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Answer 3

Question

Chapter 20, Problem 26DQP

a.

To determine

Identify the transaction related audit objective for each misappropriation given.

b.

To determine

Indicate one or more control that would be effective in detecting the misappropriation.

c.

To determine

Explain the detection of misappropriation on account of fictitious employee by surprise payroll payoff method by the controller. And also, state the method of payoff to employee when no payoff checks are paid as the payment is made directly to bank account.

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Answer 4

Question

Chapter 20, Problem 26DQP

a.

To determine

Identify the transaction related audit objective for each misappropriation given.

b.

To determine

Indicate one or more control that would be effective in detecting the misappropriation.

c.

To determine

Explain the detection of misappropriation on account of fictitious employee by surprise payroll payoff method by the controller. And also, state the method of payoff to employee when no payoff checks are paid as the payment is made directly to bank account.

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Answer 5

Chapter 20, Problem 26DQP

a.

To determine

Identify the transaction related audit objective for each misappropriation given.

b.

To determine

Indicate one or more control that would be effective in detecting the misappropriation.

c.

To determine

Explain the detection of misappropriation on account of fictitious employee by surprise payroll payoff method by the controller. And also, state the method of payoff to employee when no payoff checks are paid as the payment is made directly to bank account.

Answer 6

Chapter 20, Problem 26DQP

a.

To determine

Identify the transaction related audit objective for each misappropriation given.

Answer 7

Chapter 20, Problem 26DQP

a.

To determine

Identify the transaction related audit objective for each misappropriation given.

Answer 8

b.

To determine

Indicate one or more control that would be effective in detecting the misappropriation.

Answer 9

b.

To determine

Indicate one or more control that would be effective in detecting the misappropriation.

Answer 10

c.

To determine

Explain the detection of misappropriation on account of fictitious employee by surprise payroll payoff method by the controller. And also, state the method of payoff to employee when no payoff checks are paid as the payment is made directly to bank account.

Answer 11

c.

To determine

Explain the detection of misappropriation on account of fictitious employee by surprise payroll payoff method by the controller. And also, state the method of payoff to employee when no payoff checks are paid as the payment is made directly to bank account.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 20 - Prob. 1RQ Ch. 20 - Prob. 2RQ Ch. 20 - Distinguish among a payroll master file, a W-2...Ch. 20 - Prob. 4RQ Ch. 20 - Prob. 5RQ Ch. 20 - Prob. 6RQ Ch. 20 - Prob. 7RQ Ch. 20 - Prob. 8RQ Ch. 20 - Prob. 9RQ Ch. 20 - Prob. 10RQ

Identify the transaction related audit objective for each misappropriation given.

Solution Summary: The author identifies the transaction related audit objective for each misappropriation given. Supervisor does not inform human resource that an hourly employee left the company.

Identify the transaction related audit objective for each misappropriation given.

Indicate one or more control that would be effective in detecting the misappropriation.

Explain the detection of misappropriation on account of fictitious employee by surprise payroll payoff method by the controller. And also, state the method of payoff to employee when no payoff checks are paid as the payment is made directly to bank account.

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