Conducting a wage audit
From ensuring correct employee classifications to analysing timesheets and pay rates, Dean Tolkin takes you through the wage audit process, offering a clear picture of compliance while identifying any over or underpayments.
About the speaker
Dean was shortlisted as a finalist in the Lawyers Weekly 30 under 30 Awards for Workplace Relations, Employment and Safety for three consecutive years (2017 – 2019) and was fortunate to have won this prestigious award in 2018. Dean was also recognised in 2018 in the Australian Law Awards as a finalist in the categories of Rising Star of the Year and Senior Associate of the Year and has been recognised as a leading employment law specialist.
Summary
In this expert-led discussion, Dean Tolkin walks you through the wage audit process, providing a step-by-step guide on how businesses can ensure compliance with Fair Work Australia regulations. From verifying employee classifications to analysing timesheets and pay rates, a thorough wage audit is essential for identifying and addressing underpayments or overpayments before they become costly issues.
With increasing regulatory scrutiny on wage compliance and payroll accuracy, businesses must proactively audit their payroll data to prevent legal risks and financial penalties. Dean shares practical insights into how employers can conduct effective wage audits, rectify errors, and improve payroll processes to maintain compliance and financial stability.
Key takeaways
- How to correctly classify employees under modern awards
- The importance of analysing timesheets, pay rates, and entitlements
- Identifying and addressing overpayments and underpayments
- How businesses can stay compliant with wage laws and avoid penalties
- Best practices for conducting regular payroll audits to mitigate risks
With payroll compliance becoming a top priority for businesses, conducting a proactive wage audit can help employers avoid disputes, penalties, and reputational damage. Watch the full interview to learn how to implement an effective wage audit strategy for your business.
Transcript
0:00
We come in and we actually ask the client for a host of different information to allow us to ensure that first of all, they've classified their employees correctly under those award requirements.
0:09
We look at the job description in order to do that. We then determine the right classification. We'll then get information from the employer in relation to employee timesheets, working hours, etcetera. And we will conduct a very thorough analysis to ensure that for a defined. The employee has been paid correctly or incorrectly.
0:28
And at the end of that, we will have an understanding as to whether there is an overpayment or whether there's an underpayment, whether they're paying correctly on the award and we're able then to provide that feedback to the client so they can take remedial action if it's necessary or they've got the comfort knowing that they are complying with their legal obligations.
