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Compensation Audit

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James Baker
James Baker
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LILLY LEDBETTER ACT WHY YOU MAY NEED A COMPENSATION AUDIT
Lilly Ledbetter Act ,[object Object],[object Object],[object Object],[object Object],[object Object]
Proceed With Caution ,[object Object],[object Object],[object Object],[object Object],[object Object]
Attorney-Client Privilege ,[object Object],[object Object],[object Object],[object Object]
Attorney-Client Privilege Prerequisites ,[object Object],[object Object],[object Object],[object Object],[object Object]
Twofold Purpose of Compensation Audit ,[object Object],[object Object]
COMPENSATION POLICIES ,[object Object],[object Object],[object Object]
COMPENSATION PRACTICES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Compensation Equity Relative to Skill, Qualifications, and Performance ,[object Object],[object Object],[object Object]
POTENTIAL RISK ,[object Object],[object Object],[object Object],[object Object]
EXEMPT CLASSIFICATIONS ,[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],COMPENSATION AUDIT UNDER SUPERVISON OF LEGAL COUNSEL
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],MEAN & STANDARD DEVIATION
RELEVANT VARIABLES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
PATTERNS AND PROBLEMS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
LOOKING FOR PATTERNS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
LOOKING FOR PATTERNS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
IDENTIFYING RISKS AND ACTIONS TO MITIGATE RISK FLSA EXEMPT STATUS M M M Add FLSA language to each job description to clarify exemption is being applied. Also, use language from specific exemption to support decision for exemption. Include expanded language for “Safe Harbor” provisions to employee handbook M Risk Potential Impact (H, M, L) Probability of Occur. (H, M, L) Priority Internal Control Activities (Risk Mitigations) Risk Rating Compensation System is not documented H L M Recommendation: Develop a compensation policy, salary midpoints and ranges so an employee’s relative position to midpoint can be ascertained. M
AUDIT CLOSURE ,[object Object]
Manufacturers’ Association Of South Central Pennsylvania 160 Roosevelt Avenue Suite 400 York, PA 17401 Phone (717) 843-3891 Fax (717) 854-9445 www. mascpa .org

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Compensation Audit

  • 1. LILLY LEDBETTER ACT WHY YOU MAY NEED A COMPENSATION AUDIT
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18. IDENTIFYING RISKS AND ACTIONS TO MITIGATE RISK FLSA EXEMPT STATUS M M M Add FLSA language to each job description to clarify exemption is being applied. Also, use language from specific exemption to support decision for exemption. Include expanded language for “Safe Harbor” provisions to employee handbook M Risk Potential Impact (H, M, L) Probability of Occur. (H, M, L) Priority Internal Control Activities (Risk Mitigations) Risk Rating Compensation System is not documented H L M Recommendation: Develop a compensation policy, salary midpoints and ranges so an employee’s relative position to midpoint can be ascertained. M
  • 19.
  • 20. Manufacturers’ Association Of South Central Pennsylvania 160 Roosevelt Avenue Suite 400 York, PA 17401 Phone (717) 843-3891 Fax (717) 854-9445 www. mascpa .org