We were looking for an independent firm to review our payroll policies and controls. Wolf & Company’s reputation in the financial services field made it an easy choice.

From the get-go, the Wolf & Company team was responsive and professional. The audit went very smoothly and stuck to the timeline that had been laid out. We were very happy with the findings and will be implementing some additional ‘best practices’ to further enhance our internal controls. We definitely made a wise decision to go with Wolf & Company.

Challenge

A.I.M. Mutual provides many benefits to its employees, including reimbursement of tuition costs for continued education. Although tuition costs were capped, there was no control to enforce the maximum amount.

• Management identified one tuition reimbursement greater than the capped amount, but the overall expense impact could not be determined.
• They began to question if there were additional reimbursement expenses greater than the capped amount, and what other controls should be in place according to best practices?

Solution

After identifying the issue, A.I.M. Mutual turned to Wolf & Company’s Internal Audit Services group for a review of the internal controls of the entire Human Resources department, including payroll processing and employee expense reimbursement. This review:

• Validated the internal control structure
• Gave management confidence regarding the magnitude of tuition reimbursement overages
• Provided guidance on instituting additional internal controls

Wolf used advanced data analytics to identify all reimbursements (including tuition during the period) and evaluated anomalies.