In 2018-19, the Australian FairWork Ombudsman clawed back $40.2 million in underpayments from companies and individuals that underpaid or defrauded their workers. It also successfully brought legal action against 36 companies and individuals with penalties totalling $4.4 million.
In Australia, employers found guilty of incorrectly paying or defrauding their employees face penalties of $630,000 for a company and $126,000 for an individual per serious contravention.
Given the serious consequences of wage non-compliance it makes sense for companies to regularly verify their employees are receiving the correct rate-of-pay and proper payments and contributions are being made.
But conducting regular payroll audits can be an very time consuming and expensive activities; especially if they are not planned correctly. This is where Compliance Master®'s smart, A.I. auditing technology can help.
Unlike other payroll auditing solutions, Compliance Master® uses world-best statistical sampling methods and advanced A.I. machine-learning to reliably assess and control wage compliance risks within acceptable limits. It can also reduces data analysis and reporting costs - by up to 80%.
Don’t leave your company's wage compliance risks to chance. Sign-up for your FREE no-obligation demonstration and 30-Day trial now by clicking on the link below.
Peter Mills -
Our Payroll Auditing Software’s features and benefits
Compliance Master® uses world-best statistical sampling methods and advanced A.I. machine-learning to calculate the optimum sample-size for each payroll audit.
Risk-based auditing is facilitated by separating wage non-compliances into different levels of importance i.e. Critical, High, Medium, Low.
Our tailored on-line checklist enables auditors to directly attach supporting compliance evidence to each wage assessment i.e. comments, wage records, screen-shots, photographs, etc.
Audit data is automatically analysed to determine whether identified wage non-compliance levels have exceeded specified risk limits.
System-generated protocols determine what actions are needed to mitigate wage non-compliance risks.
Compliance performance is continuously evaluated and displayed in an easy-to-understand dashboard.
Compliance Master® reduces the high costs associated with regular payroll auditing by calculating the optimum sample-size and frequency for each audit, scientifically analysing results,and determing what actions if any are needed to mitigate payroll risks.
More efficient and effective payroll auditing helps identify and correct systemic wage non-compliances before they can result in costly regulatory penalties and reputation damage.
Compliance Master® will ensure your company's auditing and improvement resources are always focused on its areas of highest payroll risk.
It will also significantly reduce the amount of time spent analysing payroll audit data and preparing reports for board-members, senior-managers and regulators.
And most importantly, it will improve internal and external stakeholder confidence in your company's wage compliance.
Compliance Master® provides board-members, senior-managers and internal-auditors the timely and reliable information needed to effectively carry out their wage compliance oversight and continuous improvement responsibilities.
An online audit trail provides board-members, senior-managers and payroll personnel the information needed to quickly understand and correct the causes of unacceptable wage compliance.
Use Compliance Master® to record and report compliance improvement progress to internal and external stakeholders; including regulators.