Annual Workers' Compensation Audit | Financial Cents Templates

About this template

Standardize your annual workers' compensation audit process from start to finish with this comprehensive workflow. Designed for bookkeeping and payroll professionals, this template guides you through audit preparation, payroll reporting, subcontractor documentation, client requests, audit submission, review of results, payroll rate updates, and final documentation. Built to improve accuracy, consistency, and efficiency, it helps ensure every audit is completed thoroughly while reducing missed steps and streamlining communication with clients.

Work type: Payroll

Location: United States

Client industry: Generic

Version: 1 (Latest)

This template includes

16 tasks
3 client tasks
Automations

	Section 1. Audit Preparation
	Receive Workers' Compensation Audit Notice	Account manager
	Create Annual Audit Folder	Bookkeeper

Section 1. Audit Preparation

Receive Workers' Compensation Audit Notice

Account manager

Create Annual Audit Folder

Bookkeeper

	Section 2. Gather Payroll Reports
	Run Payroll Reports
	Payroll Summary
	Payroll Register
	Quarterly Payroll Reports
	Employee Earnings Reports
	State Unemployment Reports

Section 2. Gather Payroll Reports

Run Payroll Reports

Payroll Summary

Payroll Register

Quarterly Payroll Reports

Employee Earnings Reports

State Unemployment Reports

	Section 3. Gather Contractor Documentation
	Export Subcontractor List from Accounting Software
	Collect Certificates of Insurance
	Collect W9 Forms

Section 3. Gather Contractor Documentation

Export Subcontractor List from Accounting Software

Collect Certificates of Insurance

Collect W9 Forms

	Section 4. Submit Audit Documentation
	Upload Required Documents	Bookkeeper
	Confirm Submission	Bookkeeper

Section 4. Submit Audit Documentation

Upload Required Documents

Bookkeeper

Confirm Submission

Bookkeeper

	Section 5. Audit Results
	Receive Audit Results	Bookkeeper
	Payroll totals
	Officer payroll
	Excluded employees
	Subcontractor credits
	Employee classifications
	Final premium adjustment
	Review for Accuracy	Bookkeeper
	Resolve Audit Discrepancies	Bookkeeper

Section 5. Audit Results

Receive Audit Results

Bookkeeper

Payroll totals

Officer payroll

Excluded employees

Subcontractor credits

Employee classifications

Final premium adjustment

Review for Accuracy

Bookkeeper

Resolve Audit Discrepancies

Bookkeeper

	Section 6. Update Payroll
	Update Workers' Compensation Rates	Bookkeeper

Section 6. Update Payroll

Update Workers' Compensation Rates

Bookkeeper

	Section 7. Complete Audit	Automations
	Save Final Audit Package	Bookkeeper
	Audit letter
	Audit worksheet
	Premium calculation
	Final invoice
	All submitted documentation
	Note any recommendations for next year's audit.	Bookkeeper
	Notify Client of Audit Completion	Bookkeeper
	Final premium adjustment
	Payment due, if applicable
	Recommendations for improving next year's audit
	Any payroll changes made
	Verify Annual Recurrence	Bookkeeper

Section 7. Complete Audit

Automations

Save Final Audit Package

Bookkeeper

Audit letter

Audit worksheet

Premium calculation

Final invoice

All submitted documentation

Note any recommendations for next year's audit.

Bookkeeper

Notify Client of Audit Completion

Bookkeeper

Final premium adjustment

Payment due, if applicable

Recommendations for improving next year's audit

Any payroll changes made

Verify Annual Recurrence

Bookkeeper

	Client Tasks Client Tasks
	Request Annual Workers' Compensation Audit Letter
	Request Current Certificates of Insurance
	Request Missing W9 Forms

Client Tasks Client Tasks

Request Annual Workers' Compensation Audit Letter

Request Current Certificates of Insurance

Request Missing W9 Forms