When was the last time your business performed an assessment of payroll internal controls and ensured they aligned to best practice?
- When did your business last review the payroll software’s configuration, ensuring it aligned with National Employment Standards and Industrial Relations requirements?
- Are you confident that your payroll system is paying employees correctly?
If your answers are uncertain, perhaps a payroll health check would make good business sense.
With the current tightening of the economy and recent increases to interest rates, employees are focused on their wages and entitlements more than ever. Employers are under growing scrutiny to ensure their employees have not been underpaid.
Navigating Australia’s Industrial Relations legislation can be challenging and complex. Employee benefits expense is often the largest expense in a business and employee trust is critical to business success.
Small errors can result in significant financial and reputational risk if not caught early, and strong internal controls are key to mitigating this risk.
Our Payroll Health Check Service, provided by our expert assurance team, can provide comfort to employers by:
- Performing an initial independent assessment of the organisation's payroll systems and internal controls, identifying potential risks and providing recommendations for alignment with best practice.
- Validating payroll system calculations and compliance with key obligations such as superannuation, leave entitlements and termination payments.
This service is intended as an initial review and may indicate that a more comprehensive review of the payroll systems and controls is required.
If you’re interested in finding out more, please get in touch with the Cutcher & Neale Team.
About the Author
Forming a collaborative working relationship with clients is a component of the audit process that Nick sees as being essential for understanding his client’s goals, effectively improving their overall business structure and in turn, their bottom line. Ensuring that the board and management are working towards strategic goals and the business is moving forward.
Nick is a registered company auditor and strongly believes in the value of the audit function for clients and is strongly committed, both personally and with his audit team, in providing extensive feedback and advice in respect to key systems and controls. Strong controls improves governance and financial reporting throughout the organisation.
His broad experience in the club and hospitality industry and also not for profits, mining and manufacturing, coupled with his strong analytical skills have been invaluable when working with Boards and Management to implement risk management and business improvement strategies.
Nick’s experienced and technology focused team can also provide your organisation with a wide range of solutions.
