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Hi! Please help me in answering these questions in Assurance Principles and Intermediate Accounting. Thank you. Ed CPA was engaged to audit the financial statement
Hi! Please help me in answering these questions in Assurance Principles and Intermediate Accounting. Thank you.
Ed CPA was engaged to audit the financial statement of KMJS, Company, a continuing audit client Ed is about to audit KMJSs payroll transactions. KMJS uses an in-house payroll department to compute payroll data and prepare and distribute checks. During the planning process, Ed determined that the inherent risks of overstatement of payroll expense is high In addition: Ed obtained an understanding of internal control and assessed control risk at the maximum level for payroll related assertions Required: 1. Describe the audit procedures Ed Caluag should consider performing in an audit of KMJS's payroll transactions to address the risk of overstatement.
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