The amount of FICA tax that employers must pay is twice the amount of the FICA taxes withheld from their employees.
Answer the following statement true (T) or false (F)
False
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As detection risk increases, the amount of evidence an auditor needs to obtain decreases
a. True b. False Indicate whether the statement is true or false
Goldman Services hired a new clerk to keep custody of and maintain all the equipment in the equipment yard. The clerk has not yet been adequately trained on the maintenance needs of the equipment. Which internal control procedure needs strengthening?
A) assignment of responsibilities B) competent, reliable, and ethical personnel C) separation of duties D) documents
The objective of a business proposal is to get someone to act
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. If an auditor selects a sample of customer accounts receivable and traces payment credits to remittance worksheets and bank deposits, the auditor is testing the control objective of completeness. 2. Selecting a sample of recorded sales invoices from the sales journal and comparing the quantity billed to the quantity shipped is an example of a test to satisfy the control objective of accuracy. 3. Substantive procedures are designed to obtain direct evidence about the dollar amounts in account balances. 4. The findings of risk assessments are the basis for the selection of appropriate substantive tests and procedures. 5. In the analysis of financial statements, a continuity schedule is a working paper that shows the movements in the account balances and the other financial statements amounts that should tie with them.