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Lecture Auditing and assurance services (8e) - Chapter 12: Auditing the human resource management process

The main goals of this chapter are to: Develop an understanding of the human resource management process, be familiar with the types of transactions in the human resource management process and the financial statement accounts affected, know and describe the types of documents and records used in the payroll process,. | Chapter 12 Auditing the Human Resource Management Process McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Overview of the Human Resource Management Process The human resource process starts with the establishment of sound policies for hiring, training, evaluating, counseling, promoting, compensating, and taking remedial actions for employees. The main concern of the auditor involves payroll transactions once an employee has been hired. LO# 1 12- LO# 2 Types of Transactions and Financial Statement Accounts Affected 12- Two types of transactions are typically processed through the human resource management process. Types of Documents and Records LO# 3 12- The Major Functions LO# 4 12- The Key Segregation of Duties LO# 5 12- Inherent Risk Assessment In assessing inherent risk, the auditor may want to consider the effect of economic conditions on payroll costs, the supply of skilled workers, and the frequency of employee turnover. The auditor should be familiar with any existing labor contracts and the impact of regulation on the company. The inherent risk associated with non-officers of the company is generally considered low. The inherent risk associated with officers of the company may not be considered low because of the ability to take advantage of their high position. LO# 6 12- Control Risk Assessment Understand and document the human resource management process based on a reliance strategy. Set and document the control risk for the human resource management process. Plan and perform tests of controls on payroll transactions. LO# 7 12- Control Activities and Test of Controls – Payroll Transactions Occurrence of Payroll Transactions LO# 8 12- Authorization of Payroll Transactions Accuracy of Payroll Transactions Classification of Payroll Transactions Relating the Assessed Level of Control Risk to Substantive Procedures If the results of the tests of . | Chapter 12 Auditing the Human Resource Management Process McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Overview of the Human Resource Management Process The human resource process starts with the establishment of sound policies for hiring, training, evaluating, counseling, promoting, compensating, and taking remedial actions for employees. The main concern of the auditor involves payroll transactions once an employee has been hired. LO# 1 12- LO# 2 Types of Transactions and Financial Statement Accounts Affected 12- Two types of transactions are typically processed through the human resource management process. Types of Documents and Records LO# 3 12- The Major Functions LO# 4 12- The Key Segregation of Duties LO# 5 12- Inherent Risk Assessment In assessing inherent risk, the auditor may want to consider the effect of economic conditions on payroll costs, the supply of skilled workers, and the .