Potential misstatements/tests of controls-payroll. The following… Potential misstatements/tests of controls-payroll. The

  

Potential misstatements/tests of controls-payroll. The following… Potential misstatements/tests of controls-payroll. The following s are included in the internal control naire on control procedures for payroll transactions in the Pena Company:1. Are pay rates, payroll deductions, and terminations authorized by the personnel department?2. Are time clocks and clock cards used?3. Is there supervisory approval of time worked by each employee?4. Are electronic payroll deposits appropriately authorized?5. Is there internal verification of payroll checks with payroll register data?6. Is access restricted to personnel and employee earnings master files?7. Is the hiring of new Employees authorized by the personnel department?8. Are payroll tax returns and payment of payroll taxes reviewed for accuracy and for timely filing?Requireda. Identify a misstatement that may occur if No answer is given to each .b. Identify a possible test of control, assuming a YES answer is given to each quesion. (Present your answers in tabular form using separate columns for each part.)  Business Accounting AUDITING 000 Share (0)