Internal Audit for Payroll
payroll services india
Payroll encompasses a good share of a total company’s expenses, so to ensure a decisive share of a company’s total expenditures, transactions must be meticulous and definite, balances must be properly recorded and also the ledger should remains up-to-date. One of the crucial methods to ensure accuracy is to bolster the use of periodic audits of the internal payroll system.
Making gray areas more transparent and friendly
Oftentimes, it has been seen that employer contributions are not black and white. We ensure that employers are remitting the appropriate amount of contributions towards the employees. Our auditors also evaluate that whether there are other employees on the company’s payroll that the employer fails to include in its compensation program. While, this service must be diligently performed in order to ensure compliance, conducting thorough payroll audits can really make a difference of dollars.
Our company offers an extensive internal payroll audit that primarily paves focus on different spheres. We concentrate on compliance with other internal payroll regulations, collective agreements and their accordance with labor law regulations. The objective of a payroll audit is to detect discrepancies and specify concrete remedial measures which will help in removing insufficiency and also cut down sanctions from other external bodies, like back payments, fines, penalties, etc.
A comprehensive payroll audit program includes below points-
- Computation of wages, including impediments to work
- Compliance to duties relating to sickness insurance
- Deduction and transfer of medical insurance
- Calculation and deduction of annual reconciliation, withholding tax and tax advances
- Holding pay slips
- Adequate provision of travel expenditures
In some instances, an employee who is no longer part of the company may still be getting paychecks if the proper internal procedures are overlooked. Or, one of the most obvious indicators of an accounting error occurs when an employee is paid at a higher or lower than normal rate of pay. To catch such errors, it is pertinent to audit the payroll records periodically to remove any such hindrances.
Brooks Consulting insures that all relevant internal audit for payroll should in compliance to legal requirements only-
- To ensure that correct and authorized salaries are paid only to valid employees
- To ensure that all salary, tax related deductions are calculated and accounted
- To make sure that all audit records relating to labor laws are timely filed
- To prevent the access of the payroll system and data from unauthorized access
- To ensure that company is complying to all statutory laws and regulations
- To provide consultation on business models of divergent services
We give you the possibility to entrust us with the internal auditing of your payroll.