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Premium Audit Workpapers Can Save Future Headaches

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Premium Audit Workpapers Are Golden

The premium audit workpapers can be one of the easiest methods to document your yearly WC premium audit.  The workpapers are prepared by the premium auditor.

Picture of Premium Audit Workpapers Three Business Colleagues in Conference Meeting
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They can be either hand-written or computerized, showing how the auditor arrived at the payroll numbers that are used to determine the audited premium.

We always recommend that any employer asks for a copy of the workpapers before the premium auditor leaves your premises   Even if you agree with the audit, these documents can become very elusive as time passes.

A large amount of confusion can be eliminated with the premium audit workpapers even if they are computerized or multiple Excel (R) worksheets.   The best workpapers are spreadsheets that are emailed by the auditor.  This allows you to analyze the premium audit without having to input all of the data.

Picture Of Premium Audit Workpapers Document
Wikimedia Commons – Tom Ventura from Denver, CO, USA

Workpapers are the most often set of missing documents when our clients provide us with the requested information.   Asking for them at every premium audit conclusion may save you time, money, and headaches in the future.

Audit checklists may also be beneficial.  The auditor will sometimes have a standard checklist they go through for every premium audit.  The checklist can be thought of as a map of your premium audit.   Many sets of audit workpapers are electronic.  In that case, you can ask for a copy of the electronic file such as the aforementioned spreadsheets.

You do have the right as the employer to be provided with a copy.  We have rarely seen where an auditor will not comply with the request for workpapers.  If an auditor refuses the request,  this should raise a red flag with you.

An email to the premium auditor or the email address on the premium audit bill will work well to obtain your premium audit workpapers.

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Related...

James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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