Exam 20: Audit of the Payroll and Personnel Cycle
Exam 1: The Demand for Audit and Other Assurance Services47 Questions
Exam 2: The Cpa Profession79 Questions
Exam 3: Audit Reports140 Questions
Exam 4: Professional Ethics119 Questions
Exam 5: Legal Liability115 Questions
Exam 6: Audit Responsibilities and Objectives132 Questions
Exam 7: Audit Evidence105 Questions
Exam 8: Audit Planning and Analytical Procedures102 Questions
Exam 9: Materiality and Risk113 Questions
Exam 10: Internal Control, Control Risk, and Section 404 Audits116 Questions
Exam 11: Fraud Auditing93 Questions
Exam 12: The Impact of Information Technology on the Audit Process106 Questions
Exam 13: Overall Audit Strategy and Audit Program94 Questions
Exam 14: Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions109 Questions
Exam 15: Audit Sampling for Tests of Controls and Substantive Tests of Transactions119 Questions
Exam 16: Completing the Tests in the Sales and Collection Cycle: Accounts Receivable101 Questions
Exam 17: Audit Sampling for Tests of Details of Balances114 Questions
Exam 18: Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable116 Questions
Exam 19: Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts101 Questions
Exam 20: Audit of the Payroll and Personnel Cycle113 Questions
Exam 21: Audit of the Inventory and Warehousing Cycle116 Questions
Exam 22: Audit of the Capital Acquisition and Repayment Cycle91 Questions
Exam 23: Audit of Cash and Financial Instruments121 Questions
Exam 24: Completing the Audit120 Questions
Exam 25: Other Assurance Services104 Questions
Exam 26: Internal and Governmental Financial Auditing and Operational Auditing73 Questions
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Which of the following errors gives the auditor the least concern in auditing payroll transactions?
Free
(Multiple Choice)
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Correct Answer:
D
For most clients, the balance sheet accounts related to payroll are normally insignificant, except for labor charged to inventory.
Free
(True/False)
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Correct Answer:
True
A weak internal control system allows a department supervisor to "clock in" for a fictitious employee and then approve the employee's time card at the end of the pay period.This fraud would be detected if other controls were in place, such as having an independent party:
Free
(Multiple Choice)
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Correct Answer:
A
What are the two major balance-related audit objectives in testing payroll liabilities?
(Multiple Choice)
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No individual with access to time cards, payroll records, or checks should also be permitted access to:
(Multiple Choice)
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As a part of the auditor's responsibility for ________, the auditor should review the preparation of at least one of each type of payroll tax form the client is responsible for filing.
(Multiple Choice)
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Auditors seldom expect to find misstatements when testing payroll transactions.
(True/False)
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The primary purpose of a surprise payroll payoff is to detect employees who have reported more time than was actually worked (fraudulent hours).
(True/False)
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Match seven of the terms for documents and records (a-k)used in the payroll and personnel cycle with the descriptions provided below (1-7):
Correct Answer:
Premises:
Responses:
(Matching)
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Although significant client business risks affecting payroll are unlikely for most companies, an area that would have the most business risk would be:
(Multiple Choice)
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Many companies use outside payroll services to process payroll.Which of the following regarding the auditor's responsibilities is most correct regarding their reliance on the internal controls of these outside payroll services?
(Multiple Choice)
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The most important means of verifying account balances in the payroll and personnel cycle are:
(Multiple Choice)
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An imprest payroll account that has a significant balance may indicate the presence of:
(Multiple Choice)
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It is usually very easy for an auditor to determine if an employee has overstated their hours worked.
(True/False)
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Generally, is the inherent risk level for the audit of the payroll and personnel set at low, moderate, or high?
Explain.
(Essay)
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Which of the following is a major balance-related audit objective in testing payroll liabilities?
(Multiple Choice)
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Mathews and Company has $112,000 in an accrued payroll account.The company's weekly payroll is $186,700 and the accrual represents 3 days out o 5 working days.If the auditor has determined that controls are effective over payroll, what additional work should the auditor perform for this account?
(Essay)
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Auditors should determine whether the client has fulfilled its legal obligation in submitting payments of all payroll withholdings as part of their payroll tests.
(True/False)
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In audits of companies in which payroll is a significant portion of inventory, the improper account classification of payroll can:
(Multiple Choice)
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