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compliance

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Alex B.
2025-07-18 14:05:49 -04:00
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docs/source/compliance.rst
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@@ -325,11 +325,16 @@ information for budgeting, analytical and quality purposes.
External Stakeholders External Stakeholders
~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~
External stakeholders are organizations that are neither government nor internal stakeholders, External stakeholders are entities outside of both the organization and government that maintain a collaborative or
yet have a close working relationship with the payroll function. Compliance with external service-based relationship with the payroll function. These may include benefit providers, insurance carriers, pension
stakeholder requirements is also a responsibility of the payroll department. In most cases, plan administrators, unions, and third-party service vendors. Although not formally part of the company or regulatory bodies,
compliance will require that payroll request a cheque from accounts payable and send it to their involvement directly impacts payroll operations.
the external organization along with supporting documentation.
Ensuring compliance with external stakeholder requirements is a key duty of the payroll department. This often includes
verifying data, meeting contractual obligations, and coordinating financial transactions. In many cases, payroll
professionals must initiate cheque requests through accounts payable and submit accompanying documentation to these
organizations to fulfill obligations accurately and on time. Maintaining strong communication and attention to detail with
external partners is essential for smooth and compliant payroll administration.
**Benefit Carriers** are insurance companies that provide benefit coverage to employees. **Benefit Carriers** are insurance companies that provide benefit coverage to employees.
Payroll is responsible for deducting and remitting premiums for the insurance coverage to the Payroll is responsible for deducting and remitting premiums for the insurance coverage to the
@@ -370,11 +375,10 @@ Federal and provincial/territorial legislation, and amendments to existing legis
regulations, can affect the operations of a payroll department, as the requirement to comply regulations, can affect the operations of a payroll department, as the requirement to comply
with the new or amended legislation must be satisfied. with the new or amended legislation must be satisfied.
Legislation determines what the rules are, while regulations determine how the rules are to be It is important to note the difference between legislation and regulatio. **Legislation** determines what the rules are, while **regulations** determine how the rules are to be
applied. applied.
The methods for calculating income tax deductions are specified by the federal government The methods for calculating income tax deductions are specified by the federal government through regulations.
through regulations.
*Example:* *Example:*