Statutory Compliance Audit

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“ Our goal is to set the gold standard when it comes to Compliance. ”

- Cathy Engelbert, CEO - Deloitte

Why Statutory Compliance Mandatory?

  • Statutory Compliance relates to the various labour laws prevalent in India.
  • These laws change on a State and National level, and it is mandatory for companies to obey them.
  • Non-Compliance can be the basis for financial and reputational risks for organizations.
  • Non-compliance with these regulations can land a company into legal trouble such as penalties, fines, or worse.
  • Any organization that hires employees or workers and pays them salary or wages must comply with labour laws with regards to monetary compensation, payment of taxes, protection and safety of employees, and fairness of labour.

Statutory Compliance Audit - Principles

Statutory Compliance Audit - Process Flow

Statutory Compliance Audit - Scope

Statutory Compliance Review

  • Evaluation of client’s statutory compliance records such as Registrations, License, Registers, Periodical Returns & Renewals.
  • Evaluation of any associated vendor statutory record.
  • Identify potential statutory risk areas and provide ideas on how to minimize them.
  • Preparation of report highlighting the area of non-compliance.
  • Discussion of recommendation with management.

Deliverables

  • Complete Audit Report of Observations. ( Fully Complied, Not-Applicable, Non-Compliance)
  • Recommended solutions to address concerns.
  • Statutory Compliance Guidelines
  • Recommendations to create a Legally Safe working environment

Applicable Industrial Acts For Manufacturing Industries

1 Factories Act 1948 & Tamilnadu Factories Rules1950 15 The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
2 Employees Provident Fund & Misc. Provisions Act 1952 16 Employees Compensation Act 1923
3 Employees State Insurance Act 1948 17 Tamilnadu Panchayats Act 1994
4 Payment of Wages Act 1936 18 The Tamil Nadu Fire Service Act, 1985
5 Minimum Wages Act 1948 19 Tamilnadu Public Health Act, 1939
6 Payment of Bonus Act 1965 20 The Water (Prevention and Control of Pollution) Act, 1974
7 Contract Labour (Regulation & Abolition) Act 1970 21 The Air (Prevention and Control of Pollution) Act, 1981
8 Maternity Benefit Act 1961 22 The Tamil Nadu Tax on Professions, Trades, Callings and Employments Act,1992
9 Payment of Gratuity Act 1972 23 Equal Remuneration Act 1976
10 The Tamilnadu ( National, Festivals & Special Holidays) Act, 1958 24 Employment Exchanges Act 1960
11 Tamilnadu Labour Welfare Fund Act 1972 25 Tamilnadu Industrial Establishments (Conferment & Permanent Status to Workmen ) Act 1981
12 Industrial Employment (Standing Orders) Act 1946 26 Employment of Children Act, 1938
13 The Tamilnadu Payment of Subsistence Allowance Act 1981 27 Industry Specific Acts - Additional
14 Tamilnadu Panchayats Act,1994   --

Statutory Compliance Audit - Benefits To Employers

  • Periodical Statutory Compliance Audit will ensure compliance of past defaults.
  • Strict compliance of Industrial legislations is ensured by every establishment, which, in turn, reduce or even eliminate penalties/damages/fines/ that may be imposed by the Government.
  • Employer reputation in the Industry/business world certainly increases.
  • A business that fulfils regulatory business compliance through successful corporate compliance management generally gets signed quickly and easily whenever needed.

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