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Below are ten audit procedures. For each audit procedure, list the audit objective and type...

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Accounting

Below are ten audit procedures. For each audit procedure, list the audit objective and type of audit test

1.Examine a sample of timecards for indication of approval of hours.

2. Compare classification of payroll transactions with chart of accounts for a sample of paychecks.

3. Recompute gross pay for a sample of employees.

4. Account for a sequence of payroll checks.

5. Observe that recording of payroll transactions occur as soon as possible after the payroll is paid.

6. Verify that the purchase order was approved by an authorized purchasing agent.

7. Verify that the initials of an accounts payable clerk are present, indicating that the documents have been appropriately matched and that amounts on the vendor invoice were verified.

8. Recalculate the invoice amount and compare the dollar amounts per the invoice to the amount recorded in the acquisitions journal.

9. Examine whether the transaction was recorded to the correct vendor in the accounts payable master file.

10. Determine if the transaction was recorded in the correct month, based on when the goods were received and the terms of the transaction.

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