Premium Audit: Records Maintenance
Records that are accurate and properly maintained allow us to conduct an accurate audit within the minimal amount of your time. To perform a comprehensive and quality audit, the records should be made available:
- A description of your company’s operations. What is your product or service? What are your raw materials? How is the product marketed? How is the product transported?
- List of corporate officers.
- Number of employees.
- Names of subcontractors or casual labor hired and the amounts paid to them.
- Certificates of insurance for subcontractors.
- Gross payroll with monthly and quarterly or year-to-date totals by employee and by department
- The type of work performed and job duties by each person must be shown. This includes officers, members, sole proprietors, and partners.
- Overtime: Must be separated with monthly and quarterly or year-to-date totals by employee and by department. If overtime is not shown separately, a credit for the premium portion cannot be given.
- Tips: Must be separated with monthly and quarterly totals by employee. Tips must be shown separately to qualify as a deduction from gross pay.
- Verification: 941’s, 940, W-3, Unemployment Tax Reports, or Schedule C must be provided to verify total wages. You may also want to assist the auditor by highlighting pre-tax wages that will be subject to premium.
- Gross revenue by location for manufacturing and retail operations.
- Verification source such as your Income Statement, General Ledger, or Sales Tax Returns.