题目内容
（请给出正确答案）
A.Debit to Cash
B.Debit to Work in Process
C.Credit to Work in Process
D.Debit to Manufacturing Overhead
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更多“The wages paid to employees wo…”相关的问题
We may guess from the context that fringe benefits__________ ．
A.are all the money provided for employees
B.are benefits an employee receives apart from wages and salaries
C.consist of those that are paid by insurance companies
D.result from business activities the employer．has organized
(a) ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways.
Required:
Explain the importance of audit planning. (5 marks)
(b) You are the audit senior in charge of the audit of Swandive Co (Swandive), and have been informed by your audit manager that during the year a fraud occurred at the client. A payroll clerk set up fictitious employees and the wages were paid into the clerk’s own bank account. This clerk has subsequently left the company, but the audit manager is concerned that additional frauds have taken place in the wages department.
Required:
Describe procedures which should be undertaken during the audit of wages as a result of the manager’s assessment of the increased risk of fraud. (5 marks)
Trombone Co (Trombone) operates a chain of hotels across the country. Trombone employs in excess of 250 permanent employees and its year end is 31 August 2014. You are the audit supervisor of Viola & Co and are currently reviewing the documentation of Trombone’s payroll system, detailed below, in preparation for the interim audit.
Trombone’s payroll system
Permanent employees work a standard number of hours per week as specified in their employment contract. However, when the hotels are busy, staff can be requested by management to work additional shifts as overtime. This can either be paid on a monthly basis or taken as days off.
Employees record any overtime worked and days taken off on weekly overtime sheets which are sent to the payroll department. The standard hours per employee are automatically set up in the system and the overtime sheets are entered by clerks into the payroll package, which automatically calculates the gross and net pay along with relevant deductions. These calculations are not checked at all. Wages are increased by the rate of inflation each year and the clerks are responsible for updating the standing data in the payroll system.
Employees are paid on a monthly basis by bank transfer for their contracted weekly hours and for any overtime worked in the previous month. If employees choose to be paid for overtime, authorisation is required by department heads of any overtime in excess of 30% of standard hours. If employees choose instead to take days off, the payroll clerks should check back to the ‘overtime worked’ report; however, this report is not always checked.
The ‘overtime worked’ report, which details any overtime recorded by employees, is run by the payroll department weekly and emailed to department heads for authorisation. The payroll department asks department heads to only report if there are any errors recorded. Department heads are required to arrange for overtime sheets to be authorised by an alternative responsible official if they are away on annual leave; however, there are instances where this arrangement has not occurred.
The payroll package produces a list of payments per employee; this links into the bank system to produce a list of automatic payments. The finance director reviews the total list of bank transfers and compares this to the total amount to be paid per the payroll records; if any issues arise then the automatic bank transfer can be manually changed by the finance director.
Required:
(a) In respect of the payroll system of Trombone Co:
(i) Identify and explain FIVE deficiencies;
(ii) Recommend a control to address each of these deficiencies; and
(iii) Describe a test of control Viola & Co should perform. to assess if each of these controls is operating effectively.
Note: The total marks will be split equally between each part. (15 marks)
(b) Explain the difference between an interim and a final audit. (5 marks)
(c) Describe substantive procedures you should perform. at the final audit to confirm the completeness and accuracy of Trombone Co’s payroll expense. (6 marks)
Trombone deducts employment taxes from its employees’ wages on a monthly basis and pays these to the local taxation authorities in the following month. At the year end the financial statements will contain an accrual for income tax payable on employment income. You will be in charge of auditing this accrual. Required:
(d) Describe the audit procedures required in respect of the year end accrual for tax payable on employment income. (4 marks)
Why do women earn less than men do？ Are the differences explained by the fact that women are looked down upon？ If so, the government has to intervene (干预), to force the employers to pay equal wages to equal jobs. However, there is no agreement among economists about the causes of the gap. One view argues that women on the average have chosen low-paid jobs in which workers enjoy the freedom of entering and leaving the labor force, which reduces their years of experience relative to men. Other people say the gap can also be explained by the difference in educational background.
Much of the gap, however, has not been fully explained. It might be the result of some prejudice (偏见) against women. It is this part that has produced calls for government action. What would happen if the government did intervene to increase the wages paid to women？ One possibility is that in comes for women as a group might actually decline (下降). An increase in wage decreases the quantity of labor imput demanded, resulting in decreased employment as the rate of hiring new workers declines The result will be a surplus (过剩) of labor. Those who can find jobs might be better off while those who had jobs might find themselves out of work.
The difference in labor incomes is most obvious between ______.
A．young men and young women
B．young women in the same industry
C．middle-aged men and middle-aged women
D．middle-aged women in the same industry
Usually, cab drivers ______.
A．get high wages from the employer
B．get great benefits from the employer
C．get low wages from the employer
D．get high bonus from the employer
Sales ordering, goods despatched and invoicing
Heraklion Co sells footballs to a range of large and small sports equipment retailers in several countries. Sales are made through a network of sales staff employed by Heraklion Co, but new customer leads are generated through a third party company. Sales staff are responsible for assessing new customers’ creditworthiness and proposing a credit limit which is then authorised by the sales director. The sales staff have monthly sales targets and are able to use their discretion in granting sales discounts up to a maximum of 10%. They then record any discount granted in the customer master data file.
The sales staff visit customer sites personally and orders are completed using a two-part pre-printed order form. One copy is left with the customer and the other copy is retained by the sales person. The sales order number is based on the sales person’s own identification (ID) number.
The company markets itself on being able to despatch all orders within three working days. Once the order is taken, the sales person emails the finance department and warehouse despatch team with the customer ID and the sales order details and from this a pick list is generated. Sequentially numbered goods despatched notes are completed and filed in the warehouse.
Sequentially numbered invoices are generated using the pick lists for quantities and the customer master data file for prices. Standard credit terms for customers are 30 days and on a monthly basis sales invoices which are over 90 days outstanding are notified to the relevant sales person to chase payment directly with the customer.
Payroll fraud
The finance director, Montse Mirabelle, has informed you that a significant fraud took place during the year in the payroll department. A number of fictitious employees were set up on the payroll and wages were paid into one bank account. This bank account belonged to two supervisors, who were married, and were employed by Heraklion Co. One had sole responsibility for setting up new joiners in the payroll system and the other processed and authorised bank transfer requests for wages and supplier payments. These employees no longer work for the company and Montse has asked the audit firm for recommendations on how to improve controls in this area to prevent this type of fraud occurring again. Heraklion Co operates a Human Resources department.
Required:
(a) Describe TWO methods for documenting the sales system, and for each explain ONE advantage and ONE disadvantage of using this method. (6 marks)
(b) Identify and explain SEVEN deficiencies in the sales system of Heraklion Co and provide a recommendation to address each of these deficiencies. Note: Prepare your answer using two columns headed Control deficiency and Control recommendation respectively. (14 marks)
(c) In relation to the payroll fraud, identify and explain THREE controls Heraklion Co should implement to reduce the risk of this type of fraud occurring again and, for each control, describe how it would mitigate the risk. (6 marks)
(d) Describe substantive procedures the auditor should perform. to obtain sufficient and appropriate audit evidence in relation to Heraklion Co’s revenue. (4 marks)
Which of the following is a substantive audit procedure for wages and salaries？
A.Inspect a sample of clock cards for evidence of authorisation by a responsible official
B.Recalculate a sample of payroll deductions such as employment taxes to confirm accuracy
C.Attempt to access and make changes to the payroll master file using the log on for a junior clerk
What would happen if women's wages were raised？
A. The imput of labor would be increased.
B. The unemployment rate would go up.
C. Those who have jobs would all become better off.
D. Women as a group would earn more than before.
Medline光盘数据库的内容涵盖三种重要的纸本医学文献检索工具，它们()。
A. BA、IM、EM
B. BA、EM、International Nursing Index
C. BA、Index to Dental Literature、International Nursing Index
D. IM、Index to Dental Literature、International Nursing Index
In the context of contracts of employment, explain the common law duties imposed on:
(a) employers; (6 marks)
(b) employees. (4 marks)
