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Internal controls (Key controls to place reliance)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Internal controls (Key controls to place reliance)

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • August 29, 2021 at 10:45 am #633343
    faisal8
    Member
    • Topics: 16
    • Replies: 6
    • ☆

    “Employee hours are preset into the payroll system with all the necessary deductions. The payroll manager takes a sample out and confirms the accuracy of the net pay”

    The question states to find the key controls to place reliance
    I came up with two key controls from this statement which were the use of the payroll system which minimises the risk of human error and the other being the payroll manager confirming the accuracy whereas the answer just puts emphasis on the payroll manager confirmation

    So, is the payroll system not a key control to place reliance on?

    August 29, 2021 at 5:48 pm #633407
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    See page 70 of the notes for the five components of internal control. Most DIRECT controls (page 73) will be “control activities (page 71).

    You can’t call the entire “system” a control.

    Also please READ my technical update post: https://opentuition.com/acca/aa/audit-and-assurance-aa-changes-for-september-2021-june-2022-edition-notes

    The term “key control” is obsolete.

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