Could someone shed light on Sarbanes-Oxley (SOX) compliance and its implications for Payroll outsourcing? Please provide the name of a SOX-compliant Payroll vendor operating in India.
How can one verify the claim of any vendor regarding their SOX compliance?
Regards,
Praveen
From United States, Lexington
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How can one verify the claim of any vendor regarding their SOX compliance?
Regards,
Praveen
From United States, Lexington
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SOX is an act passed in the USA to ensure corporate governance, transparent accounting practices, and legal compliance.
Why would an act of the USA be applicable in India? Technically, it wouldn't, but there are many American companies operating in India that employ hundreds of employees directly as well as indirectly through vendors. These parent companies need to ensure that their subsidiaries across the globe follow the same standards as their headquarters. To put it simply: Microsoft, Intel, HP, or even a non-IT company in India with headquarters in the USA has to ensure that all Indian legal compliances are met.
From a payroll perspective, these companies will undoubtedly comply with PF, PT, ESIC laws but will also ensure that the vendors whose personnel are deployed for their work are in compliance. These vendors can include people who run canteens, car rental companies that provide transportation services, etc. Companies are very diligent about the vendors as well, as failing to comply could result in delayed payments.
From India, Mumbai
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14Why would an act of the USA be applicable in India? Technically, it wouldn't, but there are many American companies operating in India that employ hundreds of employees directly as well as indirectly through vendors. These parent companies need to ensure that their subsidiaries across the globe follow the same standards as their headquarters. To put it simply: Microsoft, Intel, HP, or even a non-IT company in India with headquarters in the USA has to ensure that all Indian legal compliances are met.
From a payroll perspective, these companies will undoubtedly comply with PF, PT, ESIC laws but will also ensure that the vendors whose personnel are deployed for their work are in compliance. These vendors can include people who run canteens, car rental companies that provide transportation services, etc. Companies are very diligent about the vendors as well, as failing to comply could result in delayed payments.
From India, Mumbai
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Wellsaid Nikky .. My Co is implemented OpenPages Sarbanes-Oxley Express (SOX Express) SOX Express is used to automate a company’s evaluation process and internal controls documentation .
From United Arab Emirates, Abu Dhabi
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From United Arab Emirates, Abu Dhabi
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Hi there,
In India, only Hewitt Associates is a SOX-compliant payroll and benefits outsourcing vendor. The SOX compliance covers their entire setup. This means that if you are an American or European company, you can reduce the time spent on your own audit and approvals as your vendor is already certified under SAS 70. You can reach the Mumbai office at 022-40345165 and ask for Abhilash Kumar if you are interested in outsourcing payroll for your company.
From United States, Lincolnshire
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In India, only Hewitt Associates is a SOX-compliant payroll and benefits outsourcing vendor. The SOX compliance covers their entire setup. This means that if you are an American or European company, you can reduce the time spent on your own audit and approvals as your vendor is already certified under SAS 70. You can reach the Mumbai office at 022-40345165 and ask for Abhilash Kumar if you are interested in outsourcing payroll for your company.
From United States, Lincolnshire
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SOX - It is a compliance process.
SOX process supports when any transaction happens with related income & expenses.
If any company is listed under NYSE, they need to be certified, and their process needs to be under SOX. The SOX process is nothing but a control mechanism.
For HR Process related:
1. The SOX will look for evidence for maker, checker, and approval concepts in terms of updating the data in the payroll/HRIS software/outsourcing activities.
2. For Maker: before updating the data in payroll, the control mechanism looks for approval for the data to be updated from the process owner/budget owner/project owner - approval is required from the person who is responsible for profit & loss for the unit/department/team.
3. Post the update in the payroll software, with the necessary approval, the maker needs to inform the checker, who needs to validate the data updated through hard copy or soft copy.
4. Then the checker needs to inform the approver to approve the same.
This control mechanism should be incorporated into all kinds of HR processes linked to payroll (incentive, OT, leave without pay, any allowances, PF, ESIC, labor welfare activities, etc).
If you need more information, you can reach me at [IMG]https://www.citehr.com/misc.php?do=email_dev&email=cm9ib2dyYWpAaG90bW FpbC5jb20=[/IMG]
Thanks,
robograj
From India, Pune
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SOX process supports when any transaction happens with related income & expenses.
If any company is listed under NYSE, they need to be certified, and their process needs to be under SOX. The SOX process is nothing but a control mechanism.
For HR Process related:
1. The SOX will look for evidence for maker, checker, and approval concepts in terms of updating the data in the payroll/HRIS software/outsourcing activities.
2. For Maker: before updating the data in payroll, the control mechanism looks for approval for the data to be updated from the process owner/budget owner/project owner - approval is required from the person who is responsible for profit & loss for the unit/department/team.
3. Post the update in the payroll software, with the necessary approval, the maker needs to inform the checker, who needs to validate the data updated through hard copy or soft copy.
4. Then the checker needs to inform the approver to approve the same.
This control mechanism should be incorporated into all kinds of HR processes linked to payroll (incentive, OT, leave without pay, any allowances, PF, ESIC, labor welfare activities, etc).
If you need more information, you can reach me at [IMG]https://www.citehr.com/misc.php?do=email_dev&email=cm9ib2dyYWpAaG90bW FpbC5jb20=[/IMG]
Thanks,
robograj
From India, Pune
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