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The purpose of two-way testing in a payroll audit is to ensure the accuracy and reliability of payroll data by cross-verifying it through two distinct methods or sources. This process helps identify discrepancies, errors, or potential fraud by comparing results from different perspectives, such as employee time records and payroll calculations. By implementing two-way testing, auditors can enhance the integrity of the payroll system and ensure compliance with regulations, ultimately safeguarding the organization’s financial resources.
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What is a SAS 70 type ii audit?
A SAS 70 type ii audit is one of two service audit reports. Both reports include the service organization's description of controls, but type ii audit also has detailed testing over the controls over a minimum of 6 month period.
What is dual-purpose audit procedure?
A dual-purpose audit procedure is an audit technique that serves two objectives simultaneously: it tests the operating effectiveness of internal controls and also provides evidence regarding the validity of specific assertions related to financial statements. For example, an auditor might perform a procedure that evaluates the accuracy of recorded transactions while also assessing the effectiveness of the controls in place to prevent errors. This approach enhances efficiency by allowing auditors to gather multiple pieces of evidence in a single step, optimizing the audit process.
What two basic records are generated in most payroll accounting systems?
payroll register and earnings record
What are two types of payroll deductions?
required and volintary
Do you get paid for 2 weeks on a bi week payroll?
If you are on a bi-weekly payroll, it means you get paid every two weeks.
What is a SAS 70 type ii audit?
A SAS 70 type ii audit is one of two service audit reports. Both reports include the service organization's description of controls, but type ii audit also has detailed testing over the controls over a minimum of 6 month period.
What protocol numbers are specified for experimentation and testing?
For the purposes of experimentation and testing, IANA has assigned the two values 253 and 254 for this purpose
What are the types of tax audit?
from my view and what i learned, there is only two types of tax audit that includs (a) desk tax audit (b) field tax audit
What is the purpose of icmp testing?
There can be at least two reasons for icmp (ping) testing. One is for security reasons (watching for ping floods, amplifier attacks) and the other is to test timing between two endpoints.
What is dual-purpose audit procedure?
A dual-purpose audit procedure is an audit technique that serves two objectives simultaneously: it tests the operating effectiveness of internal controls and also provides evidence regarding the validity of specific assertions related to financial statements. For example, an auditor might perform a procedure that evaluates the accuracy of recorded transactions while also assessing the effectiveness of the controls in place to prevent errors. This approach enhances efficiency by allowing auditors to gather multiple pieces of evidence in a single step, optimizing the audit process.
What two basic records are generated in most payroll accounting systems?
payroll register and earnings record
What are two types of payroll deductions?
required and volintary
Do you get paid for 2 weeks on a bi week payroll?
If you are on a bi-weekly payroll, it means you get paid every two weeks.
What are the two major Purposes of Auditor's Consideration of a client's internal control?
The two major purposes of an auditor's consideration of a client's internal control are to assess the risk of material misstatement in financial statements and to design the audit procedures accordingly. By understanding the internal control system, auditors can identify areas where the risk of errors or fraud is higher, allowing them to tailor their testing and improve the overall effectiveness of the audit. Additionally, evaluating internal controls can help auditors determine whether to rely on those controls to reduce the extent of substantive testing needed.
What are the two areas of front office?
the night audit and concierge
What is the difference between internal audit and interim audit?
Internal audit is the name of department who performs the audit while interim audit is the audit which other than statutary audit and it is perform during the fiscal year and it is performed to help the final audit procedures which is done after the completion of fiscal year.
What is payroll cycle?
The payroll cycle is the period of a beginning date and an ending date of length of time. A weekly payroll cycle would be for any seven days. A biweekly payroll cycle is for 14 days. A semi-monthly payroll cycle is two equal periods each month. And, a monthly payroll cycle is for 30-31 days.
