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.
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.
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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