Our Physical Audit requires you to set and confirm an appointment for an auditor to come to your place of business or to your accountant's office.

The audit can take anywhere from 30 minutes to several hours depending on the size of your company, number of employees and how well you have prepared your books for review.

When scheduling the appointment, the auditor will provide you with a list of the documentation you will need to have ready for the audit. Some items you may be asked to provide:

• Payroll records with overtime separated
• Job titles and descriptions
• Listing of corporate officers
• Subcontractor costs
• Subcontractor Certificates of Insurance
• Sales receipts
• Quarterly Federal and State filings
• Automobile information

The auditor then goes through all records and inputs the information into a software application. At this point you may be asked some questions. If you are unable to physically be at the audit, be sure the person who is there can answer most–if not all–questions. Also be sure to provide a date and time the auditor can call you later to clarify any missing info.

Possible questions include:

• In detail, what does your company do?
• Again in detail, what does each employee do?
• Commercial work or residential? Or both?
• What are your days and hours of operation?

When the auditor is done they may review the findings with you and may ask for you to sign a statement confirming they have done so. If appropriate, our auditors will advise you on how to better prepare for next year.

Once the auditor leaves the audit they will then finalize the information provided and submit the audit for review and processing to your Insurance carrier. It can take anywhere from a few days to several weeks before your insurance company notifies you of the final results.

If you have questions during this waiting period, you should direct them ONLY to your insurance agent or broker. The auditor has no control or information about your audit once it is submitted for review. Have more questions? Contact EBCO today.