{"id":1946,"date":"2021-10-13T14:49:26","date_gmt":"2021-10-13T14:49:26","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/?p=1946"},"modified":"2022-08-11T19:04:43","modified_gmt":"2022-08-11T19:04:43","slug":"payroll-auditing-best-practices","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/payroll-auditing-best-practices\/","title":{"rendered":"Payroll Auditing Best Practices"},"content":{"rendered":"
Thorough and accurate payroll auditing is critical to regulatory compliance. Many organizations rely on less than best practices when it comes to this critical task. Understanding the objectives of payroll auditing and what constitutes best practices should be a top priority for all organizations.<\/p>\n
The objectives of payroll auditing are straightforward and include:<\/p>\n
As simple as these objectives of payroll auditing may seem, it is not without risks. Further, performing payroll audits in a cursory, less than thorough manner, can leave an organization exposed to compliance issues. If, for example, payroll assertions are incorrect and\/or payroll fraud (i.e., under or over stating of the payroll expense) is identified. Errors are not uncommon, particularly when you have a few individuals performing multiple payroll control functions such as entering salary rates in the payroll system, approving payroll payments to employees, issuing payroll checks, performing payroll bank account reconciliation, etc. There is also the risk that payrolls are not being thoroughly reviewed and approved prior to processing. These deficiencies can easily lead to errors which are then carried over into other documents, thereby compounding the risks and associated liabilities.<\/p>\n
To ensure accurate and compliant payroll processes, it is important these basic practices be followed:<\/p>\n
In addition, a checklist of functions should be performed to make sure that the payroll audit functions comply with employment laws and other relevant regulations.<\/p>\n
For multi-employer plans, the payroll auditing process can be even more complex. Therefore, their payroll audits require an even higher level of scrutiny and due diligence. At Amalgamated Employee Benefits Administrators, Inc, (AEBA) our audit services for multi-employer plans are detailed and encompass a meticulous review of every member for which contributions were made for periods of one year to five years. Using this approach, we assist employers and plan trustees in meeting their compliance requirements under the Employee Retirement Income Security Act of 1974 (ERISA). This comprehensive approach has returned contributions to our clients totaling an estimated $10 million over a single five-year period.<\/p>\n
AEBA payroll auditing services for multi-employer plans are:<\/p>\n
For more information about best practice payroll auditing services, contact: marketing@amalgamatedbenefits.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
Thorough and accurate payroll auditing is critical to regulatory compliance. Many organizations rely on less than best practices when it comes to this critical task. Understanding the objectives of payroll auditing and what constitutes best practices should be a top priority for all organizations. The Goals of Payroll Auditing The objectives of payroll auditing are… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts\/1946"}],"collection":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/comments?post=1946"}],"version-history":[{"count":3,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts\/1946\/revisions"}],"predecessor-version":[{"id":2119,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/posts\/1946\/revisions\/2119"}],"wp:attachment":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/media?parent=1946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/categories?post=1946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-employee-benefits-administrators\/wp-json\/wp\/v2\/tags?post=1946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}