Internal Auditing Final Case Study

20553 words - 83 pages
You are the internal audit senior responsible for conducting an assurance engagement of the XYZ Company payroll process. This process has not been audited for three years and, as such, is due in the normal audit cycle. There have been no significant changes since the previous audit, that is, there were no system changes, no reorganization of personnel, and no substantive procedural changes. However, during the last assurance engagement, the internal audit function identified several observations, some of which were considered significant. The significant observations related to:

 Informa on pertaining to employees leaving the company was not communicated to the IT department,

resul ng in extended delays before those employees’ systems rights were terminated.

 Hours paid to nonexempt employees were not supported by approved mesheets.

 Amounts withheld for employees were not consistent with elec ons made by employees.

 The possibility existed that phantom (ghost) employees could be included in the payroll without detec on.

Payroll management implemented ac ons to address all signi cant observa ons and the internal audit func on conducted limited follow-up procedures to validate that that planned ac ons were completed. This is the rst audit since the follow-up procedures were completed.

The following is per nent informa on to the payroll assurance engagement:

 XYZ employs approximately 4,400 employees. Approximately 2,700 of those employees are salaried, the

rest are hourly.

 Employees are paid biweekly.

 Hourly employees earn pay at straight me for the rst 80 hours ...

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