1. Briefly discuss the nature of the payroll process and its importance within any organization.
2. Describe 2-3 major risks for the payroll process in any organization and explain how these risks relate to relevant assertions.
3. Based on the information presented for Frankel Factors, explain two concerns about the payroll application’s integration with the general ledger application.
4. Describe one IT application control Frankel Factors could use to ensure the accuracy of the salaries and wages expenses transaction.
5. Describe one IT application control Frankel Factors could use to ensure the occurrence of the salaries and wages expenses transaction.
6. Design and describe in detail appropriate tests of controls you would use to satisfy yourself about the effectiveness of these internal controls.
