Beruflich Dokumente
Kultur Dokumente
Chapter 20
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Learning Objective 1
Identify the accounts and transactions in the payroll and personnel cycle.
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Direct Labor
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Learning Objective 2
Describe the business functions and the related documents and records in the payroll and personnel cycle.
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Begins
Ends
2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley
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Payroll Journal
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Payment of Payroll
Payroll check Payroll bank account reconciliation
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Learning Objective 3
Understand internal control and design and perform tests of controls and substantive tests of transactions for the payroll and personnel cycle.
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Set tolerable misstatement and assess inherent risk Phase I for payroll liability accounts Assess control risk for the Phase I payroll and personnel cycle
2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 20 - 18
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Phase III
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Learning Objective 4
Design and perform analytical procedures for the payroll and personnel cycle.
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Compare payroll expense account balances with previous years Compare direct labor as a percentage of sales with previous years
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Compare payroll tax expense as a % of salaries and wages with prior year Compare accrued payroll tax accounts with prior year
Misstatement of payroll tax expense and payroll tax liability Misstatement of accrued payroll taxes and expense
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Learning Objective 5
Design and perform tests of details of balances for accounts in the payroll and personnel cycle.
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Accrued bonuses
Accrued vacation pay, sick pay, or other benefits Accrued payroll taxes
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Payroll Liabilities
Ending balance
Ending balance
End of Chapter 20
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