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.
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