Question
At the audit planning meeting for the year ended 28 February 20X4 with the finance director of Malbec Sdn Bhd, you ascertained that payroll processing,
At the audit planning meeting for the year ended 28 February 20X4 with the finance director
of Malbec Sdn Bhd, you ascertained that payroll processing, which had been outsourced for a
number of years, was brought back in-house in December 20X3. Management was not satisfied
with the performance of the service provider and rejected the contract. The service provider had been responsible for making payments to the employees and the monthly remittances to ABC Bank. Two of Malbec Sdn Bhd's accounts clerks have been trained in payroll processing.
Requirement:
Identify the audit risks in respect of the above matter for the year ended 28 February 20X4 and
state how you would address these risks.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started