There has been a growing number of reported high-profile cases of payroll errors lately in Australia and New Zealand.
We believe the reason for this is a function of:
- The complexity of payroll in Australia and New Zealand. Multiple ‘layers’ of calculations needed for superannuation and entitlements (annual leave, sick leave, holiday pay, maternity/carer’s leave, award rates etc.)
- Increasing demand for flexibility in work arrangements, compensation packages, and employee entitlements
- Increasing volume of transactions occurring on a weekly/monthly basis
Because of the uncertainty of the problems, some organisations are setting aside contingency funds to deal with these errors as they surface.
Manual testing and monitoring of transactions for errors can be a full time job most organisations would rather not pay for.
This is why we created SatoriCCM to help companies automate detection and prevention of transaction errors. Feel free to download the Audit Analytics guide for greater insight into practical applications and implications for auditors.