Payroll auditing guidance is lacking for professionals working with employee benefit plans who are responsible for and who perform payroll audits. Best practices in payroll auditing, procedures and methodologies of performing an audit have not been given enough focus. This book helps trustees fulfill their fiduciary duties by understanding payroll audits.
This book is published by the International Foundation of Employee Benefit Plans and is available at its [online bookstore].
|Hiring a Payroll Audit Firm, Question 1: Years of Experience|
|Thursday, 15 December 2011 13:06|
Written By Larry Beebe
As part of this series, I am providing Plan Trustees with a list of questions they should ask when requesting proposals from payroll auditing firms. The first question explores the standard level of experience trustees should seek in a firm.
Question 1: How many years have you (the primary auditor who would be performing the audit) been doing payroll audits? How many years has your firm been doing payroll audits?
You want a person who has experience in doing payroll audits. Payroll auditing is a very specialized area and a person can be a good auditor in general without being a good payroll auditor. An experience payroll auditor knows how to get the job done without wasting time and money.
The firm’s experience in doing payroll audits is also important. A firm with little or no experience in payroll auditing may not give payroll auditing the time and attention it deserves. Experienced payroll audit firms dedicate the proper resources to the job. Look for a firm with a separate payroll auditing department within the firm and with people who spend most or all of their time doing payroll auditing.