a. What procedures should be performed to obtain evidence about the reasonableness of management's accrued payroll liabilities?
Question:
a. What procedures should be performed to obtain evidence about the reasonableness of management's accrued payroll liabilities?
b. Why is officers' compensation audit sensitive and what tests should be performed on such compensation?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
a To obtain evidence about the reasonableness of managements accrued payroll liabilities auditors typically perform a combination of substantive procedures and tests of controls Here are some procedur...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Suzie Pickering has experience in the clothing and retail industry, which is why she was assigned to the Cloud 9 audit. Suzie is mentoring Ian Harper, a first-year staff on the audit team, and they...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Multiple Choice Questions 1. Analytical procedures performed in the overall review stage of an audit suggest that several accounts have unexpected relationships. These results most likely would...
-
5.8 LAB: Structuring data using scale() and MinMaxScaler() The hmeq_small dataset contains information on 5960 home equity loans, including 7 features on the characteristics of the loan. Load the...
-
Draw vector arrows to indicate the direction and relative magnitude of the magnetic field at each of the points A - F.
-
Journalise the following transactions in the books of Himanshu: 2017 Dec.01 Dec.07 Dec.09 Dec. 12 Dec. 18 Dec. 25 Dec. 30 Business started with cash Purchased goods for cash Sold goods to Swati...
-
What is the industry average priceearnings ratio? What is Ecorenewable Energys priceearnings ratio? Comment on any differences and explain why they may exist. Ecorenewable Energy is a renewable wave...
-
A water-isopropanol mixture at its bubble point containing 10 mol% isopropanol is to be continuously rectified at atmospheric pressure to produce a distillate containing 67.5 mol% isopropanol....
-
(Appendix 12A) Cost data relating to the single product produced by the Jones Company are given below Per unit Total per year Sie Direct materials Direct labour Variable Manufacturing overhead Fixed...
-
Which of the following statements is generally correct about the competence of evidential matter? a. The auditors direct personal knowledge, obtained through observation and inspection, is more...
-
Identify several analytical procedures that may be applied to payroll balances and indicate the assertions to which the evidence pertains.
-
Bea Johnson, the owner of the Bea Nice boutique, estimates that when a particular kind of perfume is priced at p dollars per bottle, she will sell bottles per month at a total cost of C(p) = 0.2p2 +...
-
Financial statement data for the years ending December 31, 20Y3 and 20Y2, for Lawson Company follow: Sales Total assets: Beginning of year End of year 20Y3 $1,400,000 610,000 790,000 20Y2 $1,026,000...
-
$ 12,865 The Fiberglass Boat Company reported the following costs and expenses in May 2021: Factory utilities Direct labor $209,860 Depreciation on factory Sales staff salaries 134,520 equipment...
-
If the price of X is $26, the firm will (a) shut down in the short run. Wrong. The company will produce if Price>AVC at any level of Q. If Price>AVC the company makes some contribution to fixed...
-
b) Find Find b c) b 50m b 45%
-
Question 1: Differentiation and marketing strategy analysis (20 marks) a) b) c) d) With the new strategy unveiled to drive growth at Ford, please write a positioning statement for Ford. (3 marks) Is...
-
What can traditional companies learn from the new forms of political activity described in this case?
-
Quality Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Information pertaining to production in July 2012 is: Joint cost of production in July 2012 was $50. A...
-
Make or Buy A restaurant bakes its own bread for a cost of $168 per unit (100 loaves), including fixed costs of $31 per unit. A proposal is offered to purchase bread from an outside source for $98...
-
M-2 A particular cost is a mixed cost. This cost is $4,000 in total when 200 units are produced. Which of the following amounts is a possible value for this mixed cost if production increases to 250...
-
A Planning Materiality Base of: Profit before tax A Planning Materiality percentage of: 5% A Planning Materiality amount of: $10,443,950 (5% x 208,879,000) A Clearly Trivial Threshold of : $261,100...
Study smarter with the SolutionInn App