Скачать с ютуб How to Test Internal Controls | Payroll в хорошем качестве

How to Test Internal Controls | Payroll

After the auditor has learned about the design of a company’s internal controls for its payroll cycle, the auditor needs to test the operating effectiveness of the internal controls for payroll. The auditor must determine whether each internal control: • Is operating as designed • Is being performed by an employee who has both the ability and authorization to perform the control There are several ways for an auditor to test internal controls. These include: • Inquiry • Observing the client applying the control • Inspecting the client’s documents • Reperforming the control • Walkthrough (this would include several of the steps listed above) When testing controls, the auditor should perform dual-direction tests (aka dual-purpose procedures). For example, to ensure that the client is paying actual employees for actual time worked, the auditor should both: • Test the existence assertion (did all recorded liabilities occur?) by vouching a sample of paychecks back to the time sheets • Test the completeness assertion (have all liabilities been recorded?) by tracing a sample of time sheets to the related entries in the payroll journal 0:00 Introduction 0:26 Ways to test controls 0:50 Dual-direction tests 2:29 Occurrence 5:41 Completeness 6:08 Authorization 6:46 Accuracy 7:42 Cutoff 7:50 Classification 8:38 Setting the achieved level of control risk — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS * http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *  / prof_mclaughlin   — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast... * Spotify: https://open.spotify.com/show/4WaNTqV... * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK *   / prof_mclaughlin   — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook:   / edspira   * Instagram:   / edspiradotcom   * LinkedIn:   / edspira   — CONNECT WITH MICHAEL * Twitter:   / prof_mclaughlin   * LinkedIn:   / prof-michael-mclaughlin   — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com