Posted: September 23rd, 2020
Financial statements are majorly affected by human resource transactions. The payroll process is the main human resource transaction process that hugely influences financial statements. It refers to the steps required to pay employees at the end of each period (Proctor, 2020). It involves tracking hours worked, subtracting the employees’ benefits, and payroll tax remission. Since this system tracks the employees’ expenses, it affects many accounts of the company, namely: accruals, inventories, various expense accounts, and cash. In case the payroll controls become weak in the human resource department, then the financial statements could become materially misstated. Therefore, auditors should familiarise themselves with the payroll process so as to assess these accounts.
Proctor, P. (2020, July 9). Payroll processing: What happens during the payroll process. Retrieved September 22, 2020, from https://fitsmallbusiness.com/payroll-processing/
In general, any department within a firm that has an impact on financial reporting and compliance of regulations must manage crucial risks, and they operate within a risky environment (Dickel, 2018). The inherent risk level for the human management process is usually set low. This is because of the small number of inherent risk factors that influence the process and its related accounts. However, this is only induced in cases where non-officers are involved. On the other hand, the inherent risk for officer compensation may be set higher. This is because of the opportunity and motive these officers have to take advantage of their ranks in the form of excessive compensation.
Dickel, M. (2018, May 25). Risk and controls management – HR employee services. Retrieved September 22, 2020, from https://www.ssonetwork.com/human-resources/articles/risk-and-controls-management-hr-employee-services
An inventory is a huge, depictive account on the financial statements of various companies. Examining the physical inventory during an audit is significant since it is a generally accepted auditing procedure whereby an auditor expresses his views on whether the financial records stipulated in the inventory are accurately represented as at the inventory (Corporate Finance Institute, 2020). Additionally, it is crucial since it predominantly provides evidence that the inventory does exist. Moreover, a physical inventory is relevant since it provides evidence for valuation assertions, rights, and the obligations of a firm. Besides it, plays a huge role in preventing fraudulent behaviour since it is physically assessed.
Corporate Finance Institute. (2020, July 10). Auditing inventory – Overview. Importance, and procedures. Retrieved September 22, 2020, from https://corporatefinanceinstitute.com/resources/knowledge/accounting/auditing-inventory/
The cut-off assertion would be highly important in this situation. The cut off assertion illustrates that all the transactions were recorded during the correct period of reporting (Bragg, 2019). This assertion is vital in this case since the risk of inventory transactions being recorded is very high. Moreover, it is during the wrong period. Therefore, if an auditor is to test for misstatements, he/she should trace a section of receiving reports before and after the year ends. This is to ensure that the inventory was recorded during the proper period.
Bragg, S. (2019, May 28). Management assertions in auditing — Accounting tools. Retrieved September 22, 2020, from https://www.accountingtools.com/articles/what-are-management-assertions-in-auditing.html#:
The manufacturing costs are accounted for in the audit process of any manufacturing company depending on the type and quantity of products produced. During the audit process of a manufacturing company, since large volumes of the same products are produced, then the manufacturing costs will be allocated during the completion of each production phase (KPM, 2018). Therefore, the auditor will assess each production phase of the goods being developed. Moreover, if a manufacturing company produces unique products such as building materials, then the manufacturing costs are allocated to the materials, overhead costs and labour used. Therefore, the auditor will assess the job costing system used to assess the revenue incurred.
KPM. (2018, February 2). Auditing work in progress. Retrieved September 22, 2020, from https://www.kpmcpa.com/auditing-work-in-progress/
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