independent auditing to verify Payroll compliance and accuracy
PayePass understands that ensuring all payroll calculations, deductions and payments are correct and demonstrating this to contractor employees, HMRC and your supply chain can be challenging.
How can you and they be confident that they are accurate? A Verify Award following a successful PayePass payroll audit is the solution.
With PayePass undertaking an independent audit of the entire payroll functions using Financial Reporting Council International Standard on Auditing (UK) 500, clients of PayePass Verify will be able to demonstrate:
- An independent audit by regulated professionals
- Verification of their payroll functions for established relationships
- Verification of their payroll functions for prospective relationships
- Verification of their payroll calculations and payments
- Continuous improvement in business practice and payroll processing
The steps to a PayePass Verify award are as simple as 1,2,3
The PayePass Verify software along with our accounting and legal experts will then take over to analysis your payroll.
Much more than just verification…
Within the challenging umbrella sector, differentiating your business by demonstrating your compliance within the supply chain is never straightforward.
PayePass Verify will:
- Give you, your team and employees full payroll assurance
- Help you secure more business and retain existing business
- Demonstrating your commitment to compliant payroll to your supply chain
- Remove the need to subscribe to additional external compliance
Here’s How PayePass Verify Works…
All Verify audits are based upon an analysis of the fundamental documents and data that makes up a complete payroll cycle including:
Assignment invoices/ timesheets
Bank statements
Payslips
P60s
P45s
RTI submissions
Our auditing software then works its magic and…
Calculates to the penny whether all calculations have been correctly undertaken and all correct payments have been made.
To add the finishing touches, eyes-on, randomised sampling is performed by our accountants and payroll experts by applying the Financial Reporting Council International Standard on Auditing (UK) 500 ensures the most thorough financial audit available in the UK, second to none.
What’s more, we provide a detailed audit report to reinforce your verification award; a report that you can proudly show to the entire supply chain.
The key stages include…
- Getting to know our client and how its business operates
- Encrypted link sent to request key payroll information
- A bespoke Verify action plan is created and delivered
- Encrypted link is sent to request financial documents and data
- The documents and data will be analysed by the Verify Module
- The results will be subject to eyes-on review for further analysis
- Outcome of audit confirmed
- PayePass Verify Award issued and published if successful
