ACCOUNTS AND TRANSACTIONS IN THE PAYROLL AND PERSONNEL CYCLE The overall objective in the audit of the payroll and personnel cycle is to evaluate whether the account balances affected by the cycle are fairly stated in accordance with generally accepted accounting principles. Arens, Loebbecke, Auditing, 8/E 2000 Prentice Hall. InArens, Loebbecke; Auditing, 8/E ©2000 Prentice Hall, Inc. ACCOUNTS AND TRANSACTIONS IN THE PAYROLL AND PERSONNEL CYCLE The overall objective in the audit of the payroll and personnel cycle is to evaluate whether the account balances affected by the cycle are fairly stated in accordance with generally accepted accounting principles