Virtual audit

The meaningful distinction is not remote versus in person. It is whether the auditor is working from primary documents or from someone's spoken summary of them. A virtual audit works from the documents; a telephone audit often does not.

Because every figure traces to a file the insured supplied, the audit trail stays intact and time-stamped, which makes later disputes easier to resolve.

Related terms

• Physical auditA physical audit is a premium audit conducted on site, with an auditor visiting the business to examine payroll and financial records in person.
• Telephone auditA telephone audit is a premium audit conducted by interviewing the insured over the phone, with figures reported verbally and documents sometimes supplied afterward.

Back to the premium audit glossary