Audit Tip on Flood

Flood insurance compliance should be reviewed very carefully in your compliance audits. A tip from examiners indicates how thorough your audit should be. They will be asking for your statements from your flood vendor. They will compare these to the trial balance, select relevant files, and review them for compliance. They will also compare the billing statements with the actual certifications. This amounts to a detailed and thorough process. You should do it before the examiner does.

Copyright © 2000 Compliance Action. Originally appeared in Compliance Action, Vol. 5, No. 13, 11/00