OA company recently hired a payroll service provider to process its payroll-that service provider has essentially...

90.2K

Verified Solution

Question

Accounting

OA company recently hired a payroll service provider to processits payroll-that service provider has essentially taken over thepayroll function, and payroll represents OA's largest expense.Comment on the following statement: OA's auditors should makecertain that the payroll service provider's most recent financialstatements are audited, and that the related audit report includesno indication of a weakness in internal control related toprocessing its own payroll.

Answer & Explanation Solved by verified expert

3.6 Ratings (294 Votes)

OAs auditors should make certain that the payroll service providers most recent financial statements are audited and that the related audit report includes no indication of a weakness in internal control related to processing its own payroll Comment Purpose of the audit of most recent financial statements are audited To insure the effective operations of an payroll service provider To review compliance with a multitude of administrative regulations of payroll service provider To instill a sense of confidence in management that the payroll service provider is See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member