Compliance with Labour and Industrial Laws has gathered enormous momentum in the last few years. Especially compliance with respect to employees employed through Contractors and off-roll employees is getting more challenging because the Law recognizes principal employer as the one who is responsible in case the contractor fails to comply. This area has assumed significant importance from a risk management perspective considering the legal implications and reputational risks attached with non-compliance. Moreover, ‘Labour Laws’ is a very specialized area, requiring additional managerial attention over and above the routine internal audit function.
RSM is equipped to review the Labour Laws compliances in your organization in order to provide greater assurance to your management and the HR function that risks associated with non-compliance of these laws are prevented or mitigated properly. We have dedicated team of professionals with background and domain knowledge of Labour and Industrial Laws. Additionally, our expertise in internal audit and risk advisory services across diverse industries gives us a unique perspective to provide Labour Laws Compliance Review service.
How we can help:
- Assuring proper compliances with various Labour Laws including Contract Labour compliances
- In-depth checking of bills submitted by Contractor Agencies with respect to employees employed through contractors / off-roll employees to evaluate adherence with terms of contract, submission of necessary evidences as proof of payment, billing as per agreed rates to ensure there is no under / over recovery
- Verification of payroll sheets submitted by the Vendors to ensure correct calculation of salary payable and statutory deductions in line with applicable Central and State Government laws
- Verification of challans / returns / records to ensure proper compliance
- Due diligence review for the appointment of Contractor Agency to ensure that the Agency meets the desired compliance requirements
Labour law compliance review & risk management - Advantage RSM:
- RSM in India is consistently ranked amongst India’s top six accounting and consulting groups with Pan-India presence to meet the client’s multi-locational requirement
- RSM is the seventh largest global audit, tax and consulting network and the sixth largest provider of audit and assurance services
- Wide exposure across various sectors and jurisdictions
- Dedicated team of multi-disciplinary professionals viz. Chartered Accountants, Company Secretaries, Law Graduates, MBAs, etc.
- Usage of well researched dynamic checklists with periodical updates
- Emphasis on ensuring compliance in a dynamically evolving business environment