Best HR and Statutory Audit Services in Bangalore

An audit is an examination of records held by companies and this involves the analysis of various Human resources, Payroll, Taxation, and statutory records.

The purpose of an HR statutory audit is often to determine if companies are obeying government rules and regulations, paying statutory payments and filing returns in time, employee joining and exit formalities.

Our HR & statutory audit service department is geared to conduct audit under any applicable statute along with complying with various international standards to ensure usability of audited accounts for most of the interested parties like financial institutions, shareholders, directors, investors, government, bank and the general public at large.

HR and Statutory Audit Services key points:
Payroll: A payroll audit service is an analysis of a company's payroll processes to ensure accuracy. Payroll audits examine things like the business's active staff, pay rates, wages, and tax with holdings. You should conduct a payroll audit a minimum of once per year to verify your process is up-to-date and legally compliant

Statutory Deduction & Benefits: Statutory deduction applies to the federal payroll taxes employers are required to withhold from employees’ wages -- specifically, federal income tax, Social Security tax and Medicare tax. It also applies to state payrolls tax deductions, such as state income tax, and wage garnishments and child support withholding orders. A wage court order can be court-ordered or issued by a federal or state institution, such as the IRS or the state taxation agency.

Statutory Records & Returns: Statutory books and records are documents kept by a company which details important aspects of its operations and structure, for example, its current directors. Companies sometimes keep these official documents in a company register, where they can be ordered in a logical fashion.

Leave Encasement: Leave encashment received during service Accumulated leave can either be encashed during service or at the time of retirement or resignation. Any leave encashed throughout service is fully taxable and forms part of income from Salary.

Gratuity and Bonus: Gratuity & bonus is a benefit paid to employees who have rendered at least 5 years of continuous service and is a form of gratitude provided by the employer to the employee in monetary terms for the services rendered.An employee resigns after 4 years and 240 days with a single employer.

Termination Process & Compensation: Wrongful termination, or not following due process as defined by the respective state laws, will result in legal punitive consequences for the employer.

In addition, the courts may order the employer to pay fines and award additional compensation to an employee that was terminated.

Employees Full and Final Settlement: Full and Final Settlement commonly known as the FnF process is done when an employee is leaving the organization.

At this time, he/she has to get paid for the last working month + any additional earnings or deductions. The procedure has to be carried out by the employer after the employee resigns from their services.

HR Policies: A Human Resources Audit (or HR Audit) is a comprehensive method to review current human resources policies, procedures, documentation and systems to identify needs for improvement and enhancement of the HR function as well as to assess compliance with ever-changing rules and regulations.

SRP Management Services is one of the most reliable firms engaged in providing HR & Statutory audit service professionally to organizations.

We offer end-to-end management solutions by looking deeply and understanding the needs of the industry’s diverse needs and surpassing the client’s expectations.

SRP Management Services is the best company for Audit services in Bangalore and experts in providing all type of HR & statutory audit service for all startup businesses.


Popular posts from this blog

Why Statutory Compliance is Crucial for Businesses in India

Benefits of Payroll Outsourcing Services