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You are an audit senior of Qistina & Co and are in the process of reviewing the systems testing completed on the payroll cycle of Widad Industries Co (Widad), as well as preparing the audit programmes for the final audit. Widad operate several chemical processing factories across the country, it manufactures 24 hours a day, seven days a week and employees work a standard shift of eight hours and are paid for hours worked at an hourly rate. Factory employees are paid weekly, with approximately 80% being paid by bank transfer and 20% in cash; the different payment methods are due to employee preferences and Widad has no plans to change these methods. The administration and sales teams are paid monthly by bank transfer. Factory staff are each issued a sequentially numbered clock card which details their employee number and name. Employees swipe their cards at the beginning and end of the eight-hour shift and this process is not supervised.
Required:
Question i. Define a 'test of control' and provide an example of a test of control in relation to the audit of wages and salaries.
Question ii. Define a 'substantive procedure' and provide an example of a substantive procedure in relation to the audit of wages and salaries.
Question iii. Identify and explain FIVE internal control STRENGTHS in Widad Industries Co's payroll system.
Question iv. Identify and explain SIX internal control DEFICIENCIES in Widad Industries Co's payroll system and provide a RECOMMENDATION to address each of these deficiencies.
Question v. Describe substantive ANALYTICAL PROCEDURES you should perform to confirm Widad Industries Co's payroll expense.
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