Auditing Step-by-Step

Question 1

How should premium audits be performed?

Answer 1

Premium audits should be performed in a systematic and consistent manner.

Question 2

-Why is a step-by-step approach important?

Answer 2

• The process can be applied to any audit for any company.
• It covers the fundamentals that need to be addressed on any audit of any size or complexity.
• The objective is repeatable, consistent, quality premium audits.

Question 3

Step 1: Preparation (5 steps)

Answer 3

1. Identify the types of audit records.
2. Schedule the audit(s).
3. Read and understand the policy.
4. Refer to manual rules.
5. Understand and determine the premium base.

Question 4

Step 2: Execution (3 steps)

Answer 4

1. Conduct the initial audit interview.
2. Extract information from the records.
3. Conduct the exit interview.

Question 5

Step 3: Completion

Answer 5

1. Complete final write-up and documentation.