Houston Accounting Services

Insurance Audit Services

M&K’s Houston audit professionals have extensive knowledge of the transactions, market pressure and regulatory issues that are unique to insurance companies and insurance audit and accounting services. An insurance audit is a process common to this industry to ensure you have not paid more than the appropriate premium for your exposure. When your policy was issued, the premium is based on payroll or sales estimate you provide prior to your policy start date. A premium audit is conducted at the end of the policy period to determine if premiums are set properly and to adjust the estimates based on the actual payroll or sales figures. These types of insurance audits are commonly performed on General Liability, Liquor Liability and Workers’ Compensation policies. We provide assurance services, Model Audit Rule compliance, tax planning and compliance and business transactions.

Our insurance accounting and auditing professionals in Houston, TX are experienced with financial reporting under both generally accepted accounting principles (GAAP) as well as statutory accounting principles. Our insurance professionals have experience working with insurance companies in various states including the following types of companies:

  • Stock and mutual property and casualty insurers
  • Life insurers
  • Insurance holding companies
  • Workers' compensation and public liability self-insurance funds
  • Third-party administrators
  • Insurance agencies managing general agents, and premium finance companies
  • Large state and municipal risk pools
  • Trade union health and welfare funds
  • Credit and industrial life insurance companies

Types of Records in an Insurance Audit

The necessary records to review for a premium audit vary by the company. However, here is a list of some common documents that may be reviewed that relate to your policy:

  • Payroll journals
  • Individual earning records & date of hire/termination
  • Cash disbursement journal
  • Cash receipts
  • Vehicle titles, registration or ownership receipts

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