Ensure Compliance and Accuracy With A
Payroll Audit
In recent years there has been greater scrutiny by the Fair Work Ombudsman and Federal and State governments on ensuring organisations are fairly compensating employees and on the accuracy of records that are maintained. Penalties for underpayment of staff have become increasingly severe to highlight the need to be transparent and fair. More and more not-for-profit organisations are choosing to have an independent payroll audit to ensure compliance.
Industries and sectors which have a higher proportion of casual staff or shift workers appear to be at a greater risk of falling foul of the regulations. These include hospitality, retail, manufacturing and healthcare.
Managing payroll can be a daunting task for any organisation, especially not-for-profit entities. Ensuring that your payroll processes are accurate and compliant with the latest regulations is crucial for maintaining the financial health and reputation of your organisation.
At MGI South Queensland, we offer comprehensive Payroll Audit Services designed to help you identify and rectify any discrepancies, ensuring your payroll system operates smoothly and effectively.
Why is a Payroll Audit Necessary?
Payroll audits are highly recommended for medium and large organisations, particularly if you have any concerns about your payroll process. Engaging an independent third party to do an audit can help ensure:
- Compliance with Regulations: Australian payroll regulations are complex and ever-changing. A payroll audit ensures your business complies with all relevant laws, including pay rates in relation to applicable awards and pay scales, tax obligations, superannuation contributions, and Fair Work regulations.
- Accuracy in Payments: Inaccurate payroll can lead to overpayments or underpayments, which can cause financial strain and employee dissatisfaction. An audit helps identify and correct these errors.
- Prevention of Fraud: Regular audits can uncover fraudulent activities or errors in the payroll process, safeguarding your business against potential financial losses.
- Efficiency and Best Practices: Audits provide insights into your current payroll processes, helping you streamline operations and adopt best practices for efficiency.
How we can help
Employee Classification
We can help ensure all employees are correctly classified as full-time, part-time, or casual, and verify the correct application of award rates and entitlements.
Review of Payment Calculations
We’ll check wage rates, overtime, bonuses, and other payment calculations for accuracy and verify that superannuation contributions are calculated correctly and paid on time.
Payroll Compliance Check
We'll verifying that your payroll complies with Australian employment laws, tax regulations, and superannuation requirements.
Analysis of Payroll Processes
We can evaluate the efficiency and effectiveness of your current payroll processes and systems including the controls in place within your payroll system to prevent errors and unauthorised access.
Detection of Errors and Irregularities
We can help to identify any discrepancies, errors, or potential fraudulent activities within your payroll.
Documentation and Record-Keeping
We'll verifying that all payroll records are complete, accurate, and stored in compliance with legal requirements.
Partner with MGI South Qld for a professional payroll audit that brings peace of mind and confidence in your payroll processes. Our team of experts is dedicated to helping businesses navigate the complexities of payroll management. Contact us today to schedule your payroll audit and ensure your business remains compliant, accurate, and efficient.
