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Business Processing Management Assignment | Homework For You

Question 5.20 – What is a privity letter? How should the auditor respond to a request for a privity letter? Question 9.23 – Control activities and related assertions This chapter identified several categories of control activity, using the following categorization:

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A. Information processing controls: 1. General controls 2. Application controls (input, processing, output)

B. Segregation of duties

C. Physical controls

D. Performance reviews The internal controls in relation to payroll for Stent Ltd includes the following:

1. Employees are paid fortnightly and must complete an online timesheet; standard hours are 76 per fortnight and any hours in excess of this require a supervisor to log on and approve these hours before the timesheet will be processed.

2. The payroll system takes the hourly rate from each employee’s master file and multiplies this by the hours entered to calculate gross pay.

3. Payroll staff process fortnightly pay amounts; Human Resources department controls employee master file information.

4. PAYG and superannuation calculations are performed by the payroll system based on the calculations embedded in the software.

5. Only payroll staff are only able to log on to the payroll system and this access is restricted to only those computers in the Payroll department.

6. A supervisor reconciles the payroll to the amount to be paid to staff by electronic funds transfer and approves the payment; the payroll journal is similarly reconciled to the payroll.

7. The payroll journal is processed by the accounting department

8. Control accounts are maintained and reviewed monthly to ensure amounts paid correspond to the payroll amounts.

Required Indicate the category of control activity and related financial statement assertion for each of the above. Ans – (Here is my half of the solution)

1. Application control (input control) – occurrence assertion (only hours worked are paid for)

2. Application control (processing control) – accuracy assertion (the correct rate of pay is used to calculate pay)

3. Segregation of duties – accuracy assertion (ensures only authorized individuals can change pay rates)

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4. Application control (processing control) – accuracy assertion (the correct rate PAYG and Superannuation calculations are built into the system preventing human errors)

5. General control and Physical control (general control is the system access – password protecting access to the payroll system, the physical control is having access only in the payroll department). Get Audit homework help today

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