Identify zero emission limited key general ledger accounts

Assignment Help Accounting Basics
Reference no: EM132922336

Question - You are an audit manager in LMN accounting firm and assigned to the Zero Emission Limited audit for the year ended 30 June 2020. Zero Emission Limited is a New Zealand company listed on NZX.

In January 2020, Zero Emission Limited changed its payroll system to a new off-the-shelf system. Since this 'go-live' date, there have been some complaints by staff about underpayment of wages and annual leave entitlements due to incorrect salary packages and hourly rates being recorded in the system.

Required -

a) Identify Zero Emission Limited's key general ledger accounts that are most at risk of misstatement if the new payroll system does not operate as expected, and briefly explain the reasons for identifying each account.

b) Identify and explain THREE audit objectives at risk related to the accounts identified in (a) above.

c) Outline how the change in the payroll system could impact Zero Emission Limited's 30 June 2020 audit approach (including a discussion around the level of main audit tests).

Reference no: EM132922336

Questions Cloud

Naviswork timeline scheduling tool : White an essay on Naviswork timeline scheduling tool. Please describe how it is different than P6, its advantages, and disadvantages.
How could use humanistic theories and concepts : How you could use humanistic theories and concepts to explain Katherine's personality development and behavior. Be specific in the concepts
Employment-at will : Should the law allow an employer to fire an employee without a good reason?
What are some of the areas of a client life : What are some of the areas of a client's life that might help a counselor develop/identify patterns of mental illness in a case conceptualization?
Identify zero emission limited key general ledger accounts : dentify Zero Emission Limited's key general ledger accounts that are most at risk of misstatement if the new payroll system does not operate as expected
What are some of the areas of a client life : What are some of the areas of a client's life that might help a counselor develop/identify patterns of mental illness in a case conceptualization?
What are some of the areas of a client life : What are some of the areas of a client's life that might help a counselor develop/identify patterns of mental illness in a case conceptualization?
What are some of the areas of a client life : What are some of the areas of a client's life that might help a counselor develop/identify patterns of mental illness in a case conceptualization?
Find a resource that will help you make that improvement : We want to know what you think and how you're doing! Let us know by responding to a few questions that will help you reflect on what you learned this week.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd