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Acct 555 Week 7 Homework

In: Business and Management

Submitted By kbrewer1989
Words 1595
Pages 7
Khalia Brewer
Accct 555
Week 7
Homework

20-17

A.(2)- have a paymaster who has no other payroll responsibility distribute the payroll checks.
B.(3)- Employees might be paid for hours they did not work.
C.(3)- authorization of transactions from the custody of related assets.

20-20

|TYPE OF TEST |TRANSACTION-RELATED AUDIT OBJECTIVE(S) |
|1. Substantive test of |To determine if monthly payroll costs have been correctly allocated (accuracy). |
|transactions | |
|2. Test of control |To determine if recorded payroll transactions are for work actually performed by existing |
| |employees (occurrence). |
|3. Substantive test of |To determine if employees are paid for the hours they have worked (accuracy). |
|transactions | |
|4. Substantive test of |To determine if the appropriate person is paid and amount and time are correct (accuracy and |
|transactions |timing). |
|5. Substantive test of |To determine if the correct job is charged for labor and if the amount is recorded correctly |
|transactions |for each job (classification and accuracy). |
|6. Test of control |To determine if all payroll checks are recorded (completeness). |
|7.…...

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