When an investor or acquirer opens the HR file, they are not looking for fraud. They are looking for pattern - and the patterns that hurt valuations are almost always administrative.
Registers that were never maintained
Statutory registers under the Shops & Establishment and Contract Labour Acts are trivial to maintain in real time and painful to reconstruct retrospectively.
Contractor compliance treated as the contractor's problem
Principal-employer liability does not transfer with the invoice. If your contractor has not remitted PF for deployed staff, the exposure lands with you.
Full-and-final settlements left open
Unclosed settlements accumulate quietly and show up as an undocumented liability. Close them within the cycle they arise.