Statutory Compliance Audit: Essential Information

Statutory compliance means following the rules and regulations laid out by the government for the payroll processing of India.

A statutory compliance audit is nothing but reviewing the compliance health of the organization. It assesses how well the whole organizational structure is adhering to the regulations laid out by regulatory authorities.

Statutory compliance audit benefits the organization in multiple ways such as reducing the chances of fines, penalties and lowering the risk of unfair treatment to employees.

There is no doubt in the fact that every organization requires a statutory compliance audit.

This is because having an audit helps you maintain compliance, create a proper payroll structure, and regularly reduce the risks and issues of the system.