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Hi,
With regard to examiner’s answer to Q1(b) Payroll Substantive Procedures: Cast a sample of payroll records to confirm completeness and accuracy of payroll expense.
I am confused as to how the procedure is performed. How will adding a sample of payroll records (for example Jan, Mar, Jun) be able to confirm the completeness and accuracy? Why use a sample instead of just adding up the payrolls record for the 12 months? Please help, I’m confused. Thanks
From the way it’s written, I’m not sure either.
There might be some good if all employee records from March (say) were added up and that total posted to payroll expense. It could be better explained in the answer.
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