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What do I need to prepare for an audit?

Standard Information

Requested at Time of Audit

Listed below is typical information an auditor may request at the time of audit. If there are multiple companies or multiple entities insured under one policy, the auditor will request this information for each company or entity.


General Information

  • Description of company operations
  • Officers/owners names and titles
  • Employee names and job duties
  • Number of employees at each location
  • Names of subcontractors and certificates of insurance for sucontractors

Payroll Records

  • Gross pay including, but not limited to: bonuses, commissions, holiday pay, sick pay, overtime pay, vacation pay and all pretax amounts
  • Pretax/Section 125 amounts/401(k) amounts
  • Overtime pay shown separately

Subcontractor Information

  • General ledger, cash disbursements book and checkbook register 

Tax Documents to Verify Payroll/Sales Records and Federal ID Number

  • 941, 940, 1099, W-2, W-3, income tax return, etc.

Sales

  • Gross sales for each type of service provided/work performed by location
  • Profit and loss statement
  • General ledger

Additional Information Typically Requested for Restaurant, Tavern & Fast Food Audits

  • Tips shown separately
  • Number of free meals given to employees
  • Live entertainment
  • Liquor sales and total sales to determine proper class for Workers Compensation