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6-audit evidence -specific audit areas > payroll > Flashcards

Flashcards in payroll Deck (6)
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1
Q

income statement elements are typically tested with

A

analytical procedures.

test of details will be performed only when the analytical procedures indicate a material misstatement and a more detailed investigation is neccessary

2
Q

recall 5 assertions related to classes of transactions

A
occurence
completeness
cuttoff
accuracy
classification
3
Q

occurence and accuracy

A

examine personnel records on a test basis

trace transaction from payroll register to gen ledger to bank statement

recalculate selected entries on payroll register

4
Q

completeness

A

review time cards

use analytical procedures for reasonableness for year end accruels

5
Q

cuttoff is tested when

A

occurence and completeness are tested

6
Q

classification

A

verify payroll deductions and taxes

trace cash disbursements for withholdings to appropriate agencies

review outside reports related to pension and post retirement beneifits