Most monetary misstatements of payroll are corrected by internal verification controls or by the PCAOB.

Question

Quizplus · Accepted Answer

While internal verification controls can catch some monetary misstatements of payroll, ultimately it is the responsibility of management to ensure accurate financial statements. Additionally, the PCAOB (Public Company Accounting Oversight Board) primarily focuses on protecting investors by overseeing audits of public companies, rather than correcting monetary misstatements.

Most Monetary Misstatements of Payroll Are Corrected by Internal Verification