STATUTORY COMPLIANCE AUDIT
A compliance audit is a comprehensive review of an organization's adherence to function smoothly, it needs to be streamlined, organized and must have proper rules and regulatory guidelines. These regulations extend to every aspect, including how the organization interacts with its employees. Audit reports evaluate the strength and thoroughness of compliancepreparations, policies, access controls and risk management.
We conduct Labour Law Statutory Compliance Audit for the corporate, Principal Employer, for the various vendors, Contractors, those working under the principal employer, for premises of the principal employer and we also provide complete Information report to the organization with all the calculation, suggestion for improvement, corrective measures with recommendations and amendments including recent notification details. Audit includes completion verification of all statutory records, Documents, License, Registration Certificates, Amendments in Certifications, Renewal of License and Certifications, verification of Committee Reports, Verification of Remitted challan copies, Filing of Statutory Returns to various authorities on time, Exhibits of documents in Notice Boards.
Internal or External compliance auditing, can help a company identify weaknesses in regulatory compliance processes and create paths for improvement. Intent behind establishing various rules and regulations is to ensure that employees’ interests are safeguarded and they in no way are exploited. This in turn helps establish employee loyalty. The guidance provided by a compliance audit can help reduce risk, while also avoiding potential legal trouble or federal fines for noncompliance. The Companies failing to adhere to the specified rules and regulations run the risk of facing legal issues, which can lead to them facing heavy implications on the bottom line of the business. Penal actions can be taken against organizations that wilfully fail to oblige to the framed rules and regulations. It can thus be said that companies undertaking a proactive approach to statutory compliance almost always, have an efficient, safer and more trustworthy environment.
Rules and Regulations for Statutory Compliance.
For dealing with statutory compliance, organizations need to be well-aware of all the existing labour laws. Here is a look at some of rules and regulations in place: