• Home
  • Contact Us
iBusiness Angel
No Result
View All Result
Thursday, February 2, 2023
  • Home
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing
  • Home
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing
No Result
View All Result
No Result
View All Result
Home Finance

3 Things to Know About Insurance Audits

by Michael McDonald
July 30, 2021
in Finance
0
3 Things to Know About Insurance Audits
155
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Insurance Audits

Types of Audits


There are four main types of insurance premium audits: physical audits, mail audits, telephone audits, and preliminary audits. A physical audit is when an auditor reviews your business records onsite. On the other hand, a mail audit is when you are responsible for mailing records and tax reports or sending them online. Similarly, a telephone audit is when an auditor calls and walks you through the steps of the auditing process. Finally, a preliminary audit is a succession of fieldwork completed before the end of the accounting period to accelerate the audit report.

Information for Audits


Audits can be frustrating and even overwhelming if you or your company in Lehi are not adequately prepared. But when it comes to smooth, efficient insurance auditing, document preparation is the key. Most auditors require a description of a company’s operations, its owners’ names and titles, the names of all its employees and their job duties, and the names of subcontractors, as well as certificates of insurance for those subcontractors. Auditors may also require payroll records such as gross pay, bonuses, commissions, holiday pay, sick pay, overtime pay, vacation pay, pretax amounts, Section 125 amounts, and 401k amounts. Other information required by insurance auditors may include but is not limited to cash disbursements books, checkbook registers, 941 forms, 940 forms, 1099 forms, W-2 forms, W-3 forms, income tax returns, gross sales for each service type, profit and loss statements, and general ledgers. Restaurant and bar audits in Lehi may also be required to provide the history of tips, free meals, live entertainment, and liquor sales.

Important Definitions


One of the most crucial components of insurance auditing in Lehi is understanding the auditor’s process. A few key terms such as payroll, gross sales, and subcontractor may increase comprehension. In treasury management, a payroll is referred to as a list of employees and the amount of money they are to be paid as well as the work benefits they are entitled to. In insurance auditing, payroll is the premium basis that auditors use to calculate premiums in workers’ compensation insurance, a process known as remuneration. Gross sales include the total amount of money charged for all services performed and products sold. Finally, a subcontractor is an individual or business that agrees to perform some or all of the obligations of another individual or business. Essentially, they do the work that a contractor is unable to do.

Larson and Company, located in Lehi, Utah, staffs auditors and tax professionals and provides statutory accounting while maintaining an honest, considerate relationship with its customers.

Larson and Company is an insurance auditor company in Lehi that provides statutory accounting and tax services to its customers.

Michael McDonald
Michael McDonald
No Result
View All Result

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019

Categories

  • Accounting
  • Auto
  • Business
  • Coworking space
  • Featured
  • Finance
  • Human Resource
  • Industrial Fume Extractors
  • Industry
  • Investment
  • Laboratory
  • Law
  • Legal
  • Marketing
  • Real Estate
  • Sales
  • Tech

Recent Post

6 tips for your brand communication

6 tips for your brand communication

January 29, 2023
Apply for Loans at Slick Cash and Get Money in Just Few Hours

How to make SIP investments under 80C?

January 26, 2023
Making a Successful Startup in Singapore with an EP Application

Making a Successful Startup in Singapore with an EP Application

January 23, 2023
A Complete Guide About Residential Solar Companies

A Complete Guide About Residential Solar Companies

January 21, 2023
Which Type of Worms Can Be Used for Composting?

Which Type of Worms Can Be Used for Composting?

January 13, 2023

Advertisement

Recent Post

6 tips for your brand communication

6 tips for your brand communication

January 29, 2023
Apply for Loans at Slick Cash and Get Money in Just Few Hours

How to make SIP investments under 80C?

January 26, 2023
Making a Successful Startup in Singapore with an EP Application

Making a Successful Startup in Singapore with an EP Application

January 23, 2023

Quick Link

  • Contact Us
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing

Featured

Copyright © 2019 ibusinessangel.com | All Right Reserved .

No Result
View All Result
  • Home
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing

Copyright © 2019 ibusinessangel.com | All Right Reserved .

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In