CHAPTER - 01
The primary objective was to provide assurance over the accuracy of regular and supplementary payments. In light of account age infotech plans to implement software, a secondary audit objective was included to evaluate the payroll administration controls in place prior to the implementation of software. The survey scope included regular and supplementary payments for fiscal years, as well as the management control framework in place to support the accuracy of payments, salary management and reporting. The survey also entailed an analysis of systems involved in the payroll administration process, including the integration between payroll processes and systems. Methodology
The survey was conducted on the random sample technique in three distinct phases: planning, executing and reporting. The survey was structured to include a review of previous surveys, documentation reviews, interviews, and testing. Data analytics were used as part of testing to examine a large volume of pay transactions to identify patterns and anomalies. Findings and conclusions
Given the significance of the survey, we cannot provide assurance over the accuracy of regular and supplementary salary payments for the period under audit. In particular, we noted the following: • Lack of a consistent pay administration process across the Department • Significant payroll control variances and gaps in all regions visited • High exception rates for regular and supplementary payments tested • Significant deviations from policy with respect to extra duty (overtime) pay transactions • A lack of PeopleSoft system and process readiness, including a lack of documented workflows, training, data governance, access restrictions and preventive system controls • Insufficient project communication and collaboration across business units • Among 100% employees 90 % of the employees are satisfied with the software system helps for future growth that they had improved themselves after the •
program. 10 % of the employees are not satisfied with software system helps for future growth. • The pay structure is revised for every ten years, last revised date on 1st October 2011. • The revised pay structure from 2011 was pending as arrears till date except that arrears every benefit is properly utilized by employee. • When compared to other industries the Account Age Infotech pay roll is quite different and this pay structure is revised for every ten years. • Presently Account Age Infotech uses three modules in which staff and pay modules are generated automatically but leave module is generated manually. • By using payroll software’s, time consumption is reduced, employee turnover also reduces and finally human error is drastically reduced.
1) In order to improve the Software skills of employees the organization should create more awareness and to provide feedback regularly to the employees about software system. 2) Proper training should be given to the employees, in order to increase their knowledge about the usefulness of the software system.
3) Top management shall continually review the software according to the employee requirements, which shall be seen as positive support to the system by the employees 4) Supervises office staff should assist the employees in Tax-related matters. 5) For effective utilization of resources Account Age Infotech should implement not only staff and pay modules but also other modules which give better performance than before.
6) All the employees should show self respect towards their responsibilities and duties.
Account Age Infotech Pvt. Ltd. –ISO 9001:2008 Certified company & Regd under companies act 1956, ( Rashtriya Udhyog Rattan Award Winner) since 2001, having diverse interests in Off- Campus/On-campus...
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