Checklist For Required Documents

An effective introduction paragraph is key in writing. It engages your audience and convinces them of its relevance – answering “why should I care?” with ease.

Online Premium Audit offers you a convenient and efficient way to connect with an auditor via phone and submit records through a secure website. Upload documents before your scheduled appointment time to reduce wait time and combine appointments for multiple policies into a single appointment slot.

Payroll Reports
A premium audit is a comprehensive assessment of your business operations designed to ensure that the estimated workers’ compensation insurance premium established at the beginning of your policy period accurately reflects any changes in operations over time. In a physical field audit, an auditor will visit your place of business and review all payroll-related records.

Your company will be asked to present documentation verifying the total payroll reported during an audit period, such as federal payroll tax reports (941), state unemployment wages reports (SUI), or a general ledger or records summarizing total payroll/remuneration paid to owners, officers and employees.

At Travelers Audit Services, we recognize the importance of producing an accurate payroll tax and wage summary report. Your report should reflect true calendar dates with class code breakdown of wage amounts. Also if you process reimbursements via payroll, double-check that these transactions are accurate as well. Any discrepancies could indicate fraud. If you need any help with reporting please reach out.

Tax Documents
Make sure that the tax documents you are providing fit within the audit period. If secondary source documents do not align, provide four quarterly (or annual) tax reports which most closely correspond with the policy period.

As part of your entrance conference, be sure to discuss with your auditor which procedures they plan on employing for their premium audit. They could review sample or detailed records; use Computer Audit Menu System? When finished reviewing historical information together with your auditor, review file maintenance. Make sure all justifications and reason codes are accurate before moving forward with any file management activities.

Bank Statements
Bank statements provide an accurate accounting of financial transactions processed during a specific time period, either digitally or physically depending on your bank’s policies and preferences. Bank statements can help detect accounting errors or fraud as well as monitor spending habits more closely.

Banks send monthly bank statements to their customers that outline the account’s activities during the previous month. This statement includes important details, including information such as bank name and address, account holder’s details such as name and home address as well as list of deposits, withdrawals and checks paid during statement period.

Accessing your bank statements quickly and efficiently is easy through the online banking portal of your bank or credit union. Just make sure that when logging in using public wifi networks, hackers have more easy access to personal data that could compromise its safety. Also try reviewing your statements regularly so you can spot errors early and avoid overdraft fees and unexpected charges.