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How to Conduct an Internal Audit to Avoid an External One (HRM541A)

Presented by: Vicki M. Lambert, CPP
(*) Single User Price. For multiple users please call 1-800-223-8720
Pre Recorded Audio Conference
90 minutes
  •  Tue, May 13, 2014
Event Description
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1 Credit

How To Get Your Management To Buy Into The Idea Of An “Internal Audit”

Audits are the biggest fear of most employers… especially the payroll department. Whether it be for wage and hour law or IRS compliance, suffering through an external audit is an ordeal that everyone tries to avoid…and rightly so. But what if you conducted your own internal audit to root out the areas of noncompliance? Wouldn’t it be easier, not to mention cheaper in the long run, to find your own compliance issues. To fix where something went astray without the stress of an external auditor’s penalty calculator looming over you? That’s what we cover in this webinar. How to conduct an internal audit to discover where you have compliance issues before the IRS or Department of Labor do it for you.

But even an internal audit does not have to be looked upon as a thing to dread. In fact, by conducting an internal audit you can increase your own and your payroll staff’s knowledge and education concerning the law, rules and regulations governing your payroll processes. Auditing requires knowledge of the subject being audited and we will demonstrate to you how to acquire this knowledge before beginning each phase of the audit.

Unfortunately, it isn’t just compliance issues that you need to worry about when deciding whether or not to conduct an internal audit. Fraud is all around us in this day and age and not even the payroll department is immune. And an external audit will never be looking for internal fraud, only you can do that. In this webinar, Vicki Lambert will discuss how conducting an internal audit can discover whether or not you have been subject to fraud, plus help you to prevent internal fraud in the future.

The attendee will learn how to conduct an internal audit including what sources to use to verify the compliance requirements, how to set up and conduct the audit and what to do if a compliance issue is found. Charts will be provided to demonstrate the basic areas that should be audited under both the IRS and the DOL. The attendee will gain knowledge in organizing such an audit in an efficient manner and the tools to conduct the audit while still maintaining a hectic payroll processing schedule. The attendee will learn ways to assist in convincing management the need for such an audit and it is preferable to the alternate—an external audit.

Session highlights:

  • Learn the best practices for payroll departments to avoid audits
  • How to beat them at their own game: strategies to conduct your own internal audit
  • Auditing for internal fraud: what to look out for including phantom employees and reverse deductions
  • How an internal audit can aid in training payroll staff members
  • Auditing for Wage and Hour law compliance on both the federal and state level
  • Auditing for tax law compliance on both the state and federal level
  • What to audit for: sample lists to get you started on your own audit
  • How to get management to buy into the idea of an “internal audit”
  • What to do if a compliance issue does arise during an internal audit
  • When to conduct the internal audit

Who should attend:

Payroll professionals, human resources and accounting personnel, business owners, lawmakers, attorneys, or any individual or entity that must deal with the complexities and technicalities of the payroll process and must ensure that the process is in compliance with all federal and state laws.

About Our Speaker(s)

Vicki M. Lambert | Payroll Training SpeakerVicki M. Lambert CPP
Vicki M. Lambert, CPP is President and Academic Director of The Payroll Advisor™ a firm specializing in the training of payroll professionals. With over three decades of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert is a sought-after and respecte... More info

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    Event Title: How to Conduct an Internal Audit to Avoid an External One
    Presenter(s): Vicki M. Lambert, CPP

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