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ACC5218 Auditing Practice

Referencing Styles : Not Selected | Pages : 7

This memorandum shall discuss the findings from the audit of payroll function in the Hangout Restaurant Company. The focus is to find the area of weaknesses in the payroll system maintained in the restaurant chain to improve the system as well as to unearth any error or fraud that have taken place in the payroll function within the company in the period of audit.

In Australia, the professional responsibilities and competencies of an Auditor is governed by the professional code of conduct applicable in the country. As per the professional code of conduct an Auditor is required to carry necessary analytical and substantive procedures to corroborate substantial audit evidence to express an appropriate opinion on the financial statements or a particular function which is being audited. Auditing in the country is subjected to the auditing and assurance standards formulated and issued by the Australian Auditing and Assurance Standards Board (Armitage, 2008).

Auditing of payroll function and system within an organization is quite different compared to the audit of financial statements of an organization. Thus, the process and procedures to be used by an auditor to conduct an effective payroll audit are also different from the processes and procedures required for audit of financial statements. In case of payroll auditing of the Hangout Restaurant Company the audit procedures shall be carried out by keeping in mind the following audit objectives:

Accuracy and occurrence:

Ensuring that the payroll system shows all the relevant information related to the payroll department. Accuracy of these information and actual occurrence of the transactions as shown in the payroll system are to be tested and verified in the audit (Carcello, 2008).

Completeness, posting and summarization:

A report shall be prepared to verify the completeness of records in the payroll system. The correctness of positing the records and summarization shall also be verified by the auditor.

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