10-33 (Objective 10-3) Following are descriptions of ten internal controls.
1. The company’s computer systems track individual transactions and automatically accumulate transactions to create a trial balance.
10-41 (Objective 10-7) The following are independent situations for which you will recommend an appropriate audit report on internal control over financial reporting as required by PCAOB auditing standards:
12-19 (Objectives 12-2, 12-3) The following are misstatements that can occur in the sales and collection cycle:
12-26 (Objective 12-4) Following are 10 key internal controls in the payroll cycle for Gilman Stores, Inc.
1. To input hours worked, payroll accounting personnel input the employee’s Social Security number. The system does not allow input of hours worked for invalid employee numbers.