Which preventive, detective, and/or corrective controls would best mitigate the following threat, and why? (b) A salesperson successfully logged into the payroll system by guessing the payroll supervisor’s password.

Q: Payroll Authorization in a Computerized System. Two accountants were discussing control activities…

A: Computerized Payroll System:   A system that stores and maintains all the information related to…

Q: Which of the following is an example of detective controls? a. The company should establish formal…

A: Definition: Control activities: Control activities help the management to have a proper control over…

Q: Can you explain how the internal control of Documentation Procedure is violated in this question?…

A: The controls that are implemented to ensure the accountability and the integrity of the financial…

Q: Discuss the importance of employee timekeeping in preparing the payroll? Discuss the different…

A: Timekeeping Timekeeping is important for the business entity which provides and track the details of…

Q: As a form of internal control, what documents would you review prior to paying an invoice received…

A:

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: The key Internal control activities are as follows:- Segregation of duties Authorization and…

Q: Describe a walkthrough of the payroll transaction flow from hiring authorization to payroll…

A: Payroll Cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

Q: Which of the following activities most likely would be considered a weakness in an entity’s internal…

A: Answer:   Option c

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: Control procedures are designed with a view to prevent the frauds and errors from occurring in the…

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: The key Internal control activities are as follows:- Segregation of duties Authorization and…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: A payroll register provides the information related to the pay of each employee during each pay…

Q: List the supporting documents and records the auditorwill examine in a typical payroll audit in…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: There are 2 types of substantive audit procedures:- Test of detail Analytical procedures

Q: Which of the following illustrates the internal control principle of document a. A company pays its…

A: An important factor in internal control is the reporting of important company information. The…

Q: What are the most common errors and frauds in the personnel and payroll cycle? Which control…

A: Payroll cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

Q: Which control activity is the entity implementing when the system verifies that all payrol payments…

A: Payroll processing is an important function in an organization that involves net pay to the employee…

Q: Payroll Processed by a Service Organization. Assume that you are the audit senior conducting a…

A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…

Q: The impact of weak internal controls can affect an employee’s fraud behavior. The role of…

A: An internal control system is the sum of a large number of activities comprising of policies,…

Q: ontrol problems in the system

A: Internal control system is a set of policies and procedures to be followed in case of operations of…

Q: CPAs may audit around or through computers in the audit of the financial statements of clients who…

A: Auditing Around the Computer: It is an auditing approach that is used to test or check the…

Q: What is NOT an example of internal control procedures that help prevent payroll fraud? a.Outsource…

A: Internal control is a technique used by internal management to analyse the efficiency and…

Q: Describe a minimum of three ways AIS can help minimize or eliminate inaccurate time and attendance…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: CONTROL PROCEDURES ARE THE SPECIFIC ACTIONS THAT MANAGEMENT TAKES TO MAINTAIN CONTROL AND TO ENSURE…

Q: Which preventive, detective, and/or corrective controls would best mitigate the following threat,…

A: A criminal remotely accessed a sensitive database using the authentication credentials (user ID…

Q: What category does inventory related fraud fall into?

A: Inventory fraud refers to the fraud related to the theft of the physical items of inventory as well…

Q: What features of a payroll system could be expected to prevent or detect the (a) payment of a…

A: Payroll: Payroll refers to the list of employees in a company and the amount paid to them in the…

Q: In an automated payroll processing environment, a department manager substituted the time card for a…

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: What are solutions a company can take to protect itself against any employees committing fraud…

A: Payroll theft or fraud is the misusing of the company's funds to issue wrong payments or salaries.…

Q: Identify important internal control activities present in a properly designed system to mitigate the…

A: Internal Control: A company’s Internal Control ensures that the operational efficiency of a company…

Q: Before hiring someone for a position involving access to cash, checks or inventory, a company should…

A: The answer for above question is given below:

Q: what are the examples of independent verification controls in a payroll accounting system

A: Payroll accounting involves recording of Employee related data including: gross wages, salaries,…

Q: An audit team most likely would assess control risk at the maximum if the payroll department…

A: An audit team most likely would assess control risk at the maximum if the payroll department…

Q: Control risk is the risk that a material misstatement in an account will not be prevented or…

A:

Q: What feature of the acquisition and expenditure control would be expected to prevent an employeefrom…

A:

Q: Give two examples of employee fraud, and explain how the thefts might occur.

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: An audit client has engaged a third-party service organization tohost its payroll software package…

A: Given: The engagement of the third-party for hosting the payroll software package.

Q: Why is it important for a business to have good internal controls where payroll is concerned? What…

A: Please find the answer to the above questions below:

Q: An employee not involved in personnel, timekeeping, supervision of employees, or payroll accounting…

A: The question is related to internal controls pertaining to payroll.   Internal control is a process…

Q: billing

A: Billing fraud- It aims to have a business make a payment to the employee and record that payment as…

Q: Which internal control is not an important part of the payroll system? a. supervisors verify the…

A: Definition: Payroll system: The payroll system is a system within an organization that manages the…

Q: CPAs may audit around or through computers in the examination of financial statements of clients who…

A: Audit is defined as inspection of the books of the accounts through auditor followed through…

Q: In the event of payroll fraud, discuss the suggestion that the human elements of control systems are…

A: Employee payroll fraud is a complex problem for small company owners in the United States. The…

Q: what is the most critical risks in your payroll process? What should be the internal control to…

A: Payroll process is the most important process in any organization as it would be a critical factor…

Q: An accounting manager, who has full access to a Company’s accounting system also has access to the…

A: Internal control helps management to maintain and control the business operations so that business…

Q: Figure below presents the payroll procedures of AAA Limited. We discussed various aspects of such…

A: 1.Time card Fraud : If employees falsly mentioned their time in their time sheet and get paid for…

Q: rom home, an employee installed a modem on his office workstation. An attacker successfully…

A: Internal ControlsThe Internal controls are written procedures which are introduced to ensure that…