It's Audit Time

It’s audit time! Because your workers’ compensation premium is based on payroll, each and every policyholder must partake in an annual premium audit as stated in your Indemnity Agreement. The annual premium audit is simply a review of your records to ensure that you pay only the premium necessary for your business’ exposure. The Louisiana Restaurant Association Self Insurer’s Fund (LRA SIF) would like to make the premium audit process as easy as possible for everyone involved. Preparing in advance and having the proper documentation available at the time of the audit will help ensure that the audit is completed quickly and accurately.
 
You will be contacted by mail during the first quarter of 2018 by the LRA SIF or our audit service company NEIS Inc., who recently acquired McGuffey and Associates. Mike McGuffey and his staff will continue to be a part of the audit process as the Gulf States Regional division for NEIS, Inc., with additional resources to better serve you. The audit service will contact you by mail or phone to set an appointment. This correspondence will provide you with a name and phone number of the auditor to reschedule if the appointed date is not convenient for you.
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This year, the LRA SIF will use five types of final premium audits:
 

1. A physical audit, during which the auditor will meet with you or your representative to review your records and submit the audit report and supporting documentation to the LRA SIF.
2. A phone audit, wherein the auditor will contact you to discuss and receive fax or email payroll records that will be submitted to the LRA SIF.
3. A virtual audit, consisting of telephone and in depth email correspondences.
4. A mail-in audit which consists of an audit form that must be completed and mailed back to the audit service or the LRA SIF with supporting documentation for processing.
5. Internet audit, processed through a secure audit portal for uploading the payroll information.

 
To keep the audit process simple and speedy, have your journals, ledgers, check stubs, 941s, 940, state unemployment records, cash disbursements, W2s, 1099s and certificates of insurance ready before the auditor contacts you. The auditor will review these records and will request copies of your 940, 941s and state unemployment wage reports to submit to the LRA SIF along with your audit for verification purposes. 
 
If you have any questions, please contact our Premium Audit Department at (504) 454-2277, (504) 636-6529 or (800) 256-4572.