Case 1

A. Based on the information presented above, and taking into consideration both manual and automated controls, describe the:

1. Control strengths in MVF Companys payroll process.

2. Control deficiencies in MVF Companys payroll process.

B. MVF companys senior management, including the CAE, realizes that the companys payroll process needs to be upgraded.

1. Brainstorm ideas as to how the company could more effectively leverage IT to improve the payroll process.

2. Discuss the risk and control implications of the ideas generated in B.I.

CH 7 Internal Auditing: Assurance & Advisory Services fourth edition