Introduction
We are pleased to introduce ourselves as “Vision Industrial Services” having a group of enterprising, self-motivated, dynamic & qualified professionals working towards a common goal "Customer Satisfaction". We are having satisfactory track records of commitment and results. We have built a tradition based on trust, Ethical Standards and progressive partnerships.
- Helps Principal Employer to Reduce risk by ensuring 100% CLRA compliance
- Assurance to the Principal Employer of zero compliance issues by our Real-Time ESI and PF remittance Validation
- Vision Industrial Services Compliance platform Simplifies the process and allows to manage Auto escalation on Register to be submitted Compliance Act specific.
- Helps Principal Employers to Reduce Risk and Anxiety by ensuring CLRA license is renewed in a timely manner.
- Automated notifications, Consolidated vendor reports & Clear audit trail with a Dashboard with centralized visibility with Vision Industrial Services Compliance platform, we have made above all and many more things possible.
Vision
In line with our founding objectives, Vision Industrial Services pledges to offer our clients the best and competitive services and solutions. We aspire to be a centre of excellence, pioneering and applying the best practices in the industry within the boundary of law. We are also committed to build successful partnerships and be acknowledged by the Government, the industry and all our clients.
Mission
We help clients to create value in their businesses through our value-generating services. We simplify the process for our clients to identify and resolve issues by expediting the resolution time frame. We strive to provide innovative & responsive solutions that exceed the expectations of our clients.
- We helps in maintaining the sense of belongingness between employer and employees.
- Timely payment of wages, remuneration and statutory amount of the employees such as – pension, gratuity, PF etc results in lesser grievances
- Harmonious labour relation helps prevent lockout, retrenchment, strikes etc.
- Lesser visits from Government Authorities helps smooth working.
- Auditor’s reporting ensures statutory compliance helping nation building.
Labour Law Compliance
Statutory Audits
What is the Compliance expected from Auditor?
Benefits of Compliance
Report on Compliance by Listed Entities
Services
- Labour Law
- Statutory Audits
- Compliance Auditor
- Compliance
- Compliance Report
Labour Law Compliance
- The scope of compliance is very vast and under various labour laws, the organization has to produce records of compliance as evidence.
- It is in the interest of every employer that compliance with various provisions of labour laws applicable to respective organization is ensured for it helps both the employer as well as employee and in effect, the whole nation.
- Many a laws are welfare legislations and as such, the compliance is in national interest as well.
- On Feb 21,2017, the Ministry of Labour and Employment, has issued the ‘Ease of Compliance’ to maintain registers under various Specified labour laws Rules, 2017 (Ease of Compliance Rules).
- As for auditors, his role is to ensure compliance and report on failures in compliance.
- Some statutes governing the entity may seek direct reporting whereas some other may seek information indirectly.
Statutory Audits
- Audit as we know is a process of independent examination of financial records, irrespective of form of entity, with a view to give opinion thereon.
- Different statutes govern different forms of entities as well as different audit compliances are prescribed under different statutes.
- An auditor is required to prepare a report and express his opinion about ‘true and fair’ view of the financial statements and comment on various specific issues as required by governing statute.
- The compliance with labour laws as applicable to an entity under audit is thus, a part of audit process and being mandated by law, an auditor is under obligation to examine the compliance and comment on its status.
- This presentation examines the role of auditor in the area of labour law compliance, its obligations and benefits of such compliance to both, auditor as well as auditee.
- There are many audits mandated by different statutes of various forms of entities.
- Prominent amongst them are:
- Companies Act, 2013
- Income Tax Act, 1961
- Any other respective governing statute
- The reporting obligation under these statutes is ‘Direct’ as well as ‘Indirect’.
- Apart from the statutory requirement referred to above, the methodology prescribed mandates examination of compliance to be verified by auditor. These are stated under ‘Standards of Audit’ or SA.
- SA 250 specifically mandates verification of compliance of other laws as applicable and comment on any non-compliance.
What is the Compliance expected from Auditor?
- Companies Act 2013 does not provide for Labour Law Compliance and audit.
- However, section 134(5), section 204 and section 205 directly clarify the requirement of Labour Law Compliance.
- Section 134(5)(f)-Director Responsibility Statement:
Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
- Section 204(1)-Secretarial Audit and Rule 9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014:
Secretarial Audit, inter alia, includes reporting of compliance of all applicable laws to companies.
- As for auditors, his role is to ensure compliance and report on failures in compliance.
- Section 205 (1)-Duties of Company Secretary:
To report to the Board about compliance with the provisions of this Act, the rules made thereunder and other laws applicable to company.
- The Auditor’s Report on the accounts of a Company to which CARO, 2020 applies shall inter alia, include a statement on the following matter:
- (vii) (a) whether the company is regular in depositing undisputed statutory dues including provident fund, employees’ state insurance, income-tax, sales- tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated;
- (b) where dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not be treated as a dispute)
- Thus, statutory auditor is cast a responsibility to report directly details as above.
Benefits of Compliance
- An auditor has primary duty to report on matters prescribed under statute for reporting classified as ‘Direct’ Reporting.
- In some other cases, an auditor is expected to report on matters covered in the clauses classified as ‘Indirect’ Reporting.
- In order to report, an auditor has to:
- Know the gamut of compliance;
- Classify and analyse the information available;
- Verify such compliance; AND Report in the ,manner prescribed.
Report on Compliance by Listed Entities
- CAG Report No. 19 of 2018-Compliance to Statutory Requirements by Indian railways
- Executive summary cites non-compliance with various Labour laws including Contract Labour, Minimum Wages, EPF & MPA, ESIC with details contained in the report as well as evaluation of revenue impact including penalties and fines thereunder.
- On the other hand, AQR in the case of audit of IL&FS published in 2019 contains remarks on failure of compliance with Standards on Auditing.
- The examples are quoted only to bring out importance of compliance..
- Other than Companies Act, 2013, provisions for compliance with ‘other laws and regulations’ have been made under Income tax Act, 1961.
- The prominent among them is ‘Tax Audit Report in Form 3CD’ under section 44AB.
Contact
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Our Address
SECT -16, PLOT NO -110 A&B, Sahil Samrudi, Chikhali, Pune Maharashtra - 411019
Email Us
visionservicespune7@gmail.com
Call Us
+91 8857096712