53. In planning an engagement, an internal auditor should establish objectives to address the risk associated with the activity to be audited. Which of the following would be considered potential risks associated with payroll? I. The company is paying payroll in excess of the time actually spent by employees. 11. The company is making payroll payments to ctitious employees. 111. The company is not adhering to applicable laws and regulations. IV. The company is properly reporting and disclosing its payroll expenses. a. I and 11 only. b. I, II and III only. c. I, III and IV only. d. I, 11, III and 1v