Question
In which phase of the audit process would the following procedure be performed? 1. Payroll department employees are observed entering timecard data into the system.
In which phase of the audit process would the following procedure be performed?
1. Payroll department employees are observed entering timecard data into the system.
I. | Audit Planning | II. | Collection of Audit Evidence | III. | Evaluation of Audit Evidence | IV. | Communication of Audit Results |
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2. Establish that the internal controls for the Payroll department will be examined in the audit.
3. Results of observations, discussions, and questionnaires are summarized and evaluated.
4. Prepare overall conclusions of the audit and recommendations to management.
5. Audit team members are identified with the appropriate experience and expertise to serve on the audit team.
6. Determine if additional procedures are necessary.
7. Prepare and present final audit report.
8. Audit team members examine payroll department system documentation and results of prior audits.
9. Carry out discussions with payroll department employees to discover how they carry out their job functions.
10. Payroll department employees complete questionnaires regarding their duties in the payroll department.
11. Assess overall quality of internal controls based on evidence collected.
12. Risk assessment is performed.
13. Document audit findings.
14. A preliminary audit program and time budget is prepared.
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