Statutory Compliance Audit is the process of evaluating an organization's compliance with relevant laws, regulations, and standards. This type of audit aims to ensure that the organization is following all relevant laws, regulations, and standards, such as employment laws, tax laws, health and safety regulations, and environmental standards.

Why Statutory Compliance Mandatory?

  • Statutory Compliance relates to the various labour laws prevalent in India.
  • These laws change on a State and National level, and it is mandatory for companies to obey them.
  • Non-Compliance can be the basis for financial and reputational risks for organizations.
  • Non-compliance with these regulations can land a company into legal trouble such as penalties, fines, or worse.
  • Any organization that hires employees or workers and pays them salary or wages must comply with labour laws with regards to monetary compensation, payment of taxes, protection and safety of employees, and fairness of labour.

Statutory Compliance Audit - Principles

Statutory Compliance Audit - Process Flow

Statutory Compliance Audit - Scope

Statutory Compliance Review

  • Evaluation of client’s statutory compliance records such as Registrations, License, Registers, Periodical Returns & Renewals.
  • Evaluation of any associated vendor statutory record.
  • Identify potential statutory risk areas and provide ideas on how to minimize them.
  • Preparation of report highlighting the area of non-compliance.
  • Discussion of recommendation with management.

Deliverables

  • Complete Audit Report of Observations. ( Fully Complied, Not-Applicable, Non-Compliance)
  • Recommended solutions to address concerns.
  • Statutory Compliance Guidelines
  • Recommendations to create a Legally Safe working environment
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