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Board Report: 2021-FMIC-B-008 June 7, 2021

The Board's Payroll Controls Are Generally Effective

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From January 1, 2019, through March 31, 2020, Board Payroll processed $498.5 million in payments to 3,112 Board employees. We assessed the effectiveness of certain payroll internal controls designed to ensure compliance with applicable laws, regulations, policies, and procedures.

Using data analytics to identify potentially unusual transactions and to test categories such as premium pay, salary adjustments, tax withholdings, and payroll deductions and additions, we determined that the Board's payroll controls are generally effective. We identified one instance in which an employee's salary exceeded the applicable salary range maximum for 5 months, but Payroll has since implemented a control to determine whether any employee's annual base salary exceeds their applicable salary range. We observed the execution of the control and found it to be effective.