The Evolution to Ensuring Complete Compliance
PayePass announces the development a comprehensive suite of Compliance Awards that will set the standard and give ultimate assurance for all Service Provider activities, including:
We’re not just using the legal minimum requirements because we all know that what is legal is not necessarily ethical – such as skimming or withholding holiday pay. Instead, we will be setting PayePass standards which we believe will become the accepted minimum acceptable practices for reputable Service Providers.
Our core values centre around two main principles: financial protection and legal protection.
For everyone’s financial protection we will be auditing to Financial Reporting Council Council International Standard on Auditing (UK) 500, including real-time monitoring of all contractor related funds combined with quarterly eyes-on detailed analysis. Importantly, we track the full journey of those funds from:
All stages are critical because just analysing payroll in isolation can be misleading. Our process is truly robust and is why we can guarantee no tax avoidance, skimming or holiday pay misconduct has taken place.
We know that some Service Providers exploit legal loopholes or push the boundaries of what is acceptable practice, so we do not want those businesses to be part of the PayePass revolution. Solely auditing according to the legal minimum required is insufficient, as has been shown by recent scandals.
So, our Compliance Award audits will also consider, amongst other things, transparency of communications, honesty in business dealings, and whether procedures are genuinely in contractors’ best interests.
Our due diligence and rigorous testing will also confirm that Compliance Award holders are NOT:
We have set ourselves a big task. Work is already well underway in developing the Compliance Awards and more details will be released in the coming weeks.
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