About This Chapter
Payroll Audits & Internal Controls - Chapter Summary
Study financial audits, problems with financial information, external audits and other topics related to payroll audits and internal controls with help from this short chapter. By reviewing our entertaining lessons, you will be ready to do the following in a short period of time:
- Define and discuss the procedure and requirements of financial audits
- List and describe common problems with financial information
- Share types and examples of internal controls in accounting
- Explain how to establish financial controls and secure operating funds
- Discuss the importance of external audits of financial statements
- Identify and describe types of payroll internal controls
The lessons in this chapter are available around-the-clock, enabling you to study payroll audits and internal controls whenever your schedule permits. Review as few or as many of the lessons as you want, and check your knowledge of these lessons by taking mini quizzes. If you hit a snag or need additional details about specific lesson topics, feel free to send your questions to our experts. Before the day of your test, be sure to assess your comprehension of this chapter by taking our practice exam.
1. Financial Audit: Definition, Procedure & Requirements
When it comes to protecting an organization's assets, stakeholders are very interested in making sure things are done right. In this lesson, you'll learn about financial audits, including what they are, why they occur, and how they are done.
2. Typical Problems with Financial Information
The ultimate goal of an accounting professional is to provide accurate and reliable financial information to interested parties. In this lesson, we are going to discuss typical problems with financial information.
3. Internal Controls in Accounting: Definition, Types & Examples
Rules and regulations are a part of everything we do. In this lesson, you will learn about internal controls in accounting. You will learn what they are, why they are important and see examples.
4. Establishing Financial Controls & Securing Operating Funds
Financial controls are important to monitor the financial health of companies. In this lesson, we will introduce different financial controls and learn how firms secure operating funding.
5. External Audits of Financial Statements
Financial statements are one of the most heavily relied upon group of reports in the business world, and they must be accurate and reliable. In this lesson, you'll learn about financial statement audits, who performs them, and why they are important.
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Other chapters within the Certified Payroll Professional (CPP): Exam Prep & Study Guide course
- Payroll Processes & Laws
- Employee Classification
- Calculating Employee Paychecks
- Payroll Withholding & Deductions
- Employer Benefit & Contribution Plans
- Taxable & Nontaxable Employee Benefits
- Preparing, Depositing & Reporting Taxes
- Payroll Accounting Overview
- Managing a Payroll Department
- Certified Payroll Professional (CPP) Flashcards