Compliance and Audits

Advisory and end to end implementation services designed to optimise even the most complex workforce management needs

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Compliance and audits

Advisory and end to end implementation services designed to optimise even the most complex workforce management needs.

In the past three years there has been over 50,000 disputes and over $100 million dollars in reported employee underpayments.

Prince Consulting are experts in compliance reviews and audits. We leverage our expertise across remediation, payroll systems, tax, industrial agreements and data management to deliver industry best compliance reviews and audits. Most important of all, we offer solutions to ensure ongoing compliance, reporting and governance.

What we do

Data checks and
analysis
  • Check / reconcile employee data for completeness, accuracy and usability across:
    • Rosters
    • Time and attendance
    • Payslips
    • Contracts
Review instruments and policies
  • Validate that operational processes and system settings reflect the latest:
    • Industry Awards
    • Enterprise Agreements
    • National Employment standards
    • Contractual and classification requirements
System settings
  • Assess if the time and attendance systems capture breaks, unplanned leave, roundings, etc
  • Is the time and attendance system accurately feeding to the payroll system
  • Are pay-codes correctly set up for ordinary / non ordinary pay types
Reporting and monitoring
  • Are reports and controls in place to check payroll accuracy
  • Is data reconciled across systems
  • Are controls in place to identify and correct recurring issues
  • Do external reports and lodgements to regulators align with internal data
  • Are contracts and agreements up to date
Governance
  • When was the last payroll audit
  • Is a governance forum in place to identify and process changes to pay rates, agreements, taxes, public holidays, etc
  • Are identified underpayments fixed and paid within the next pay-cycle
  • Are reports and dashboards shared on a regular basis with executives and boards
Mitigation and ongoing support
  • Review industrial instruments to ensure accurate interpretations
  • Operating model and governance improvements
  • System upgrades and independent calculators
  • Regulator engagement

Products and services

Initial audits
  • Are Fair Work Act requirements being met – rosters, time and attendance, payslips and contracts
  • Is data accurate, consistent and reliable
  • Are employees being paid minimum entitlements
  • Are contracts and classifications up to date
Ongoing interim audits
  • Are previously reported issues rectified
  • Sampling to check data and payroll accuracy
  • Are contracts and classifications up to date with National Employment Standards
  • Are systems, processes aligned to industrial agreements
Independent calculators
  • Ongoing independent calculations across:
    • Superannuation
    • Long Service Leave
    • Payroll Tax
    • Workers Compensation
Governance and operating model reviews
  • Undertake operating model reviews spanning people, processes, technologies, systems and governance forums
  • Ensure accountabilities are clear
  • Identified capabilities are in place
  • People are trained and supported
System and process improvements
  • We are experts in systems improvements and implementations across payroll, workforce management and human resources information systems
  • We leverage technology process automation to optimize outcomes
  • We use advanced calculators to check and  reconcile data
Regulatory
engagement
  • We are with you every step of the way
  • We have extensive relationships with the Australian Taxation Office for employee taxes and superannuation, as well as state revenue offices, workers compensation schemes and long service leave offices
  • We provide advice spanning initial engagement to mitigating fines and penalties

Advanced Audit tools

We have undertaken audits and reviews from 1,000 to +50,000 employees. We leverage extensive data tools and models that allow us to deliver rapid insights and outcomes in days and weeks, not weeks and months.

Data extract – transform – load (ETL)
  • Our advanced data engineering teams use SQL to fast-track data ingestion and enable rapid analysis and reconciliation
Advanced
Technology Tools
  • We used advanced technology analysis to calculate and reconcile data across superannuation, long service leave, payroll taxes and workers’ compensation schemes
Microsoft Azure and ISO 27001 certified
  • We use industry best platforms and are ISO 27001 certified to ensure your data is safe and secure