Could someone throw light on Sarbanes-Oxley (SOX) compliance, its implication for Payroll outsourcing. Please name Sox compliant Payroll vendor operating in India.
How to verify the claim of any vendor that they are SOX compliant or not ?
Regards,
Praveen
From United States, Lexington
How to verify the claim of any vendor that they are SOX compliant or not ?
Regards,
Praveen
From United States, Lexington
SOX is an act passed in USA to ensure corporate governance, transparant accounting practises and legal compliance..
Why an act of USA would be applicable in India ?
technically it wouldnt, but there are many American Cos operating in India, who employ directly as well as indirectly ( thru vendors)hundreds of employees. These parents cos need to make sure that their children across the globe follow same standards as of their parents. Simply put: Microsoft or Intel or HP or even a non IT co in India with HQs in usa has to ensure that all Indian legal compliances are met with. From payroll point of view, these cos will no doubt comply with PF, PT, ESIC laws, but will make sure that vendors whose personnel are deployed for their work are complied with !
These vendors can be ppl who run their canteens, car rental cos who deploy their cars for pick up and drops etc. Cos are very diligant abotu the vendors as well, failing to which they can hold their payments.
From India, Mumbai
14Why an act of USA would be applicable in India ?
technically it wouldnt, but there are many American Cos operating in India, who employ directly as well as indirectly ( thru vendors)hundreds of employees. These parents cos need to make sure that their children across the globe follow same standards as of their parents. Simply put: Microsoft or Intel or HP or even a non IT co in India with HQs in usa has to ensure that all Indian legal compliances are met with. From payroll point of view, these cos will no doubt comply with PF, PT, ESIC laws, but will make sure that vendors whose personnel are deployed for their work are complied with !
These vendors can be ppl who run their canteens, car rental cos who deploy their cars for pick up and drops etc. Cos are very diligant abotu the vendors as well, failing to which they can hold their payments.
From India, Mumbai
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
From United Arab Emirates, Abu Dhabi
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/European company, you can reduce the time spent in your own audit and approvals as your vendor is already certified under SAS 70.
You can reach the Mumbai office on 022-40345165 and ask for Abhilash Kumar if you are interested in outsourcing payroll for your company.
From United States, Lincolnshire
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/European company, you can reduce the time spent in your own audit and approvals as your vendor is already certified under SAS 70.
You can reach the Mumbai office on 022-40345165 and ask for Abhilash Kumar if you are interested in outsourcing payroll for your company.
From United States, Lincolnshire
SOX - It is a complaince process:
SOX process supports where there is any transaction happens with related their income & expenses.
If any company listed under NYSE, they need to be certified and their process needs to under SOX. SOX process is nothing but it is totally a control mechanism
For HR Process reltated
1. The SOX will look for evidance for maker, checker and approval concept in terms of updating the data in the payroll / HRIS software / outsourcing activities.
2. For Maker : before he updates the data in payroll - the control mechanism look for approval for the data which to be updated from the process owner / budget owner / project owner - the approval is required from the person whose is responsible for profit & loss for the unit / department / team.
3. Post the update in 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 mechansim - to be incorporated in all kind of HR process which linked to the payroll (Incentive, OT, Leave with out pay, any allowances, PF, ESIC, Labour welfare activities, etc).
If you need more information, you can reach me on [IMG]https://www.citehr.com/misc.php?do=email_dev&email=cm9ib2dyYWpAaG90bWFpbC 5jb20=[/IMG]
Thanks
robograj
From India, Pune
SOX process supports where there is any transaction happens with related their income & expenses.
If any company listed under NYSE, they need to be certified and their process needs to under SOX. SOX process is nothing but it is totally a control mechanism
For HR Process reltated
1. The SOX will look for evidance for maker, checker and approval concept in terms of updating the data in the payroll / HRIS software / outsourcing activities.
2. For Maker : before he updates the data in payroll - the control mechanism look for approval for the data which to be updated from the process owner / budget owner / project owner - the approval is required from the person whose is responsible for profit & loss for the unit / department / team.
3. Post the update in 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 mechansim - to be incorporated in all kind of HR process which linked to the payroll (Incentive, OT, Leave with out pay, any allowances, PF, ESIC, Labour welfare activities, etc).
If you need more information, you can reach me on [IMG]https://www.citehr.com/misc.php?do=email_dev&email=cm9ib2dyYWpAaG90bWFpbC 5jb20=[/IMG]
Thanks
robograj
From India, Pune
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
E compliance.pdf