Identify which controls are considered key controls. As part of this analysis, document your assumptions regarding the effectiveness of entity-level controls.
Based on the above information, perform the following steps to conduct a pay roll assurance engagement.
Determine at least four payroll department objectives that would be relevant to this engagement.
Based on the identified risk scenarios, define and assess the key payroll risks.
Document a potential process flow in a detailed flowchart.Make sure that this flowchart identifies key risks and controls and has at least one potential design inadequacy.
Develop potential key performance indicators for the process you documented
Identify which controls are considered key controls. As part of this analysis, document your assumptions regarding the effectiveness of entity-level controls
how such controls affect the payroll process-level controls,if at all.Link the key controls to the identified risks
