Compliance Reports

Meaning & Definition

Compliance reports provide an objective way to demonstrate to government and regulatory bodies that the organisation is compliant with all laws, regulations and internal policies, and they provide HR and Payroll departments with an automated way to track statutory filings, payments, audits and adherence to employment-related regulations and requirements. Compliance reports also allow organisations to be prepared when inspections from government agencies occur.

Important aspects of Compliance Reports

• Offers complete insight into compliance gaps and where they exist, as well as what has been done to correct them.
• Facilitates a smooth process for audit and inspection.
• Reduce overall risk through timely follow-up and resolution of issues and potential penalties
• Provides data on compliance that assists in making informed decisions.
• Supports multiple HR, payroll, and finance team members’ accountability.

Legal & Regulatory Considerations

Compliance reports generally include:

• Statutory deduction, filing and payment records;
• Audit findings and employee attendance data related to payroll compliance; compliance with corporate policy.

In accordance with internal governance and record retention guidelines, reports should be generated, reviewed, and stored.

HRMS provides an automated solution that enables the organisation to generate compliance reports more accurately and in a timely manner.