Identify key audit objectives for a client payroll function

Reference no: EM132687998

The San Francisco Giants are easily the most heated, if not hated, rival of the Dodgers. In March 2012, a federal judge sentenced the Giants' former payroll manager to 21 months in prison after she pleaded guilty to embezzling $2.2 million from the Giants organization. An attorney for the Giants testified that the payroll manager "wreaked havoc" on the Giants' players, executives, and employees. The attorney said that the embezzlement "included more than 40 separate illegal transactions, including changing payroll records and stealing employees' identities and diverting their tax payments." A federal prosecutor reported that the payroll manager used the embezzled funds to buy a luxury car, to purchase a second home in San Diego, and to travel.

Provide a narrated PowerPoint with answers to these questions:

Question 1: Identify the key audit objectives for a client's payroll function. Comment on objectives related to tests of controls and substantive audit procedures.

Question 2: What internal control weaknesses were evident in the Dodgers' payroll system?

Question 3: Identify audit procedures that might have led to the discovery of the fraudulent scheme masterminded by Campos.

Reference no: EM132687998

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