Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are a graduate auditor of the 3P Limited (3P) audit engagement. PART A You have documented the following internal controls in place in 3P.

You are a graduate auditor of the 3P Limited (3P) audit engagement.

PART A

You have documented the following internal controls in place in 3P. For each of the internal control procedures below, state the key assertion addressed for the corresponding account provided.

Account | Internal control | Key Assertion

(1) Payroll expense: Human resources department to notify payroll department of any promotions and their effective date

(2) Accounts payable: Supplier invoices are matched against quantities on receiving reports and contract prices prior to being paid

(3) Travel expenses: Travel expenses incurred by each employee are reviewed by the relevant department manager on a monthly basis and compared to employee's calendars and travel plans

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Carl S. Warren, Amanda Farmer, Jefferson P. Jones

10th Edition

0357900294, 9780357900291

More Books

Students also viewed these Accounting questions

Question

6. How can hidden knowledge guide our actions?

Answered: 1 week ago