What Does Payroll Audit Mean?
A payroll audit is when a person from an insurance company performs an audit on a company's payroll. The purpose of these audits is to make sure that employee benefit plans are receiving the correct funding.
Payroll Audit
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Insuranceopedia Explains Payroll Audit
Life and health insurance are two types of coverage that are commonly offered to employees through employee benefit plans. Part of the purpose of a payroll audit is to figure out a premium that is due for the previous year's coverage. Since payroll can be very influential in deciding these premium amounts, insurance companies take the time to perform audits.
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