The internal audit department recalculates payroll for several employees each pay period is an example of independent verificationSelect one:TrueFalse

Step 1: Determine the Concept

Independent verification is a process used to ensure accuracy and integrity in financial processes. It often involves cross-checking data against another form of documentation or recalculating figures to confirm they are correct.

Step 2: Analyze the Situation

In this scenario, the internal audit department is recalculating payroll, which indicates they are independently checking that the payroll amounts are accurate. This process serves to provide an additional layer of assurance that employees are paid correctly and that there are no errors in the payroll system.

Step 3: Evaluate the Statement

Since the question states that the internal audit department is recalculating payroll for several employees to verify the accuracy of the payroll process, it clearly aligns with the definition of independent verification. An independent party (the internal audit department) is reviewing the work done by another (the payroll department).

Step 4: Conclusion

Based on the analysis, the statement is true.

Final Answer

True