Payroll updates and changing regulations make compliance challenging for HR and payroll professionals. One of the best ways to maintain compliance is to conduct regular payroll audits to ensure processes and systems are configured correctly. Regulations governing taxes, employment, and data privacy carry legal and financial consequences for noncompliance. Payroll audits confirm payroll accuracy, identify weak links in payroll processing, and ensure that compensation procedures and policies minimize risk. They also serve as a cross-check that previous audit findings were addressed, and can identify fraud issues.
MRA’s payroll audits are objective and include extensive analysis and discovery into processes and compliance issues. Through the audit, we examine your payroll’s transaction life cycle and the payroll process as a whole, uncovering areas of concern and providing recommendations.
Compliance, accuracy, and efficiency can be improved and optimized with regular audits.
MRA’s experienced, certified payroll professionals can conduct a payroll audit to ensure your business is keeping accurate, up-to-date records and following applicable payroll laws. The objective of the onsite payroll audit is to evaluate the internal and business environment surrounding payroll to ensure that internal controls are in place and the payroll process operates efficiently and effectively.
The Audit Report
Following the audit, you’ll receive a comprehensive written report, which serves as a roadmap to optimize your payroll processes. The report includes:
- A review of scope and methodology
- Findings and an action plan specific to your company
- Ready to use sample templates and policies
- Reference materials related to recommendations
Reasons to Conduct a Payroll Audit
- Strengthen your financial controls
- Maintain accuracy and compliance
- Verify employment records
- Examine payroll liabilities
- Eliminate waste and fraud
- Verify employment expenses