Many Hats: Audit & Risk Insights

Opinion and insights on current issues for Audit and Risk committees.

Underpayment of your people - could it happen to your organisation?

Underpayment of staff is a hot topic right now.  Of late, we’ve seen many front-page stories about material wage underpayment within Australian businesses. So how do wage non compliance issues arise? In some cases, payroll has had under investment in resources, training and technology and employers are now finding that small configuration issues in payroll can lead to a significant exposure when extrapolated over a large workforce and a number of years. There are a lot of reasons for putting wage compliance high on the agenda of the Audit Committee, given it has a role in ensuring appropriate governance frameworks and risk management is in place across the organisation. 

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What’s causing the large number of underpayments we’re seeing in the news?

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What’s the legal framework that applies when it comes to employee wages?

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What are the most important questions for Audit Committee members to ask of management?

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What proactive steps can be taken to ensure that the organisation is paying its employees correctly?

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What’s the regulatory landscape? 
 

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Once an issue is discovered, what steps need to be taken? 

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