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10-29 (OBJECTIVES 10-2, 10-4, 10-6) The Kowal Manufacturing Company employs ab production workers and has the following payroll procedures The factory foreman interviews applicants and on the basis of the intervie hires or rejects them. When applicants are hired, they prepare a W-4 form E Withholding Exemption Certificate) and give it to the foreman. The foreman hourly rate of pay for the new employee in the corner of the W-4 form and then giles the form to a payroll clerk as notice that the worker has been employed. The foreman Werh he advises the payroll department of rate adjustments. A supply of blank time cards is kept in a box near the time clock at the entrance todb factory. Each worker takes a time card on Monday morning, fills in his or her namtn punches the time clock upon their daily arrival and departure. At the end of the weh ad workers drop the time cards in a box near the door to the factory On Monday morning, the completed time cards are taken from the box by clerk. One of the payroll clerks then enters the payroll transactions into the co which records all information for the payroll journal that was calculated by the clerk automatically updates the employees' earnings records and general ledger. Employee an automatically removed from the payroll when they fail to turn in a time card payroll The payroll checks that are not directly deposited into employees' bank accounts ane manually signed by the chief accountant and given to the foreman. The foreman distrib utes the checks to the workers in the factory and arranges for the delivery of the checksto the workers who are absent. The payroll bank account is reconciled by the chiefaccoun- tant, who also prepares the various quarterly and annual payroll tax reports. ired a. List the most important weaknesses in their processes and state the misstatements that are likely to result from the weakness b. For each weakness that increases the likelihood of fraud, identify whether the likely fraud is misappropriation of assets or fraudulent financial reporting.*