So what can
Richard J. Wolf and Company, Inc. do for me?
An audit is an evaluation of an organization,
system, process and/or product. It is performed
by a competent, objective, and unbiased person
or persons, known as auditors. The purpose is
to verify that the subject of the audit (in this
case the various union payroll funds) has been
completed and is operating according to the approved
standards, statues, regulations and practices.
It also evaluates controls to determine if conformance
In the end, audits evaluate
conformance in the past, present and into the future.
And that is exactly what Richard J. Wolf and Company,
Inc. does. We:
- Review the history of the funds to verify they have
been appropriated correctly;
- Evaluate the current state of the funds to verify
they are operating according to current statues and
- Accurately and comprehensively report our findings
so that proper courses of action can be taken to correct
future errors from occurring.
So why should I choose
Richard J. Wolf and Company, Inc.?
For years, Richard J. Wolf and Company, Inc. has consistently
produced a high quality product at a low cost to the
various funds. In fact, we have over 30 highly reputable
years of specializing in contacting, performing, reviewing
and finalizing payroll compliance audits.
Our promise is to be loyal
to the funds and respectful to the contractors.
would Richard J. Wolf and Company go about doing
a typical audit?
A typical audit can have different steps and
will require various types of financial documents,
depending on which type of fund is being audited.
Generally speaking, each audit will follow roughly
the same type of steps, though again, will vary
depending on which fund is being audited.
As a general rule of thumb though, here is an
example of what an audit would look like for a
payroll compliance type audit:
||Richard J. Wolf and Company, Inc.
receives an audit request. This can either be a
random audit list or a special request from the
||Once we have received the request,
we then follow up with either a phone call to schedule
the audit, or we send a confirmation letter with
the scheduled date and time.
||On the day of the audit, we first
begin by reviewing the payroll taxes. This includes:
reviewing all available documentation; recording
payroll tax information; comparing totals; and then
if necessary, testing employees' four quarters of
gross payroll to W-2 totals.
||Next, we now identify all employees.
We do this by obtaining an employee list; by identification
through other fringe benefit reports (i.e. canceled
checks, check stubs, etc); and/or by questioning
the contact person. After all employees have been
identified, the auditor will focus on the employees
that are concerned with this particular audit. These
individuals will be checked with a union member
listing (if available).
|| With the proper list of employees,
our auditors now begin to record payroll information.
First, the auditor collects time cards, weekly and
monthly payroll journals, quarterly payroll summaries
and year to date summaries. The information recorded
is: pay rate, regular hours, overtime hours, double
time hours, dues deductions and bonus pay. If the
hourly payroll is unavailable or incomplete, then
the auditor may utilize gross payroll calculated
by actual pay rate paid to determine the approximate
Once payroll hours are determined, the auditor will
compare hours worked to hours reported: on a monthly
basis; on a quarterly basis; on a year to date basis.
The auditors next step is to preview the subcontractors
via: check registers; check stubs; cancelled checks
via bank statements; general ledgers (subcontractor,
outside services, and casual labor); 1099's.
If an item causes suspicion, the auditor will
inquire with the contact person and may ask for
a corresponding invoice to determine what type
of work was performed. If a subcontractor is in
question, the auditor will verify with the local
union to find out if they are signatory and if
fringes are paid to date. If the sub is not signatory,
the auditor will record the date, the amount and
the check number.
||The auditor will also request proof
of a current wage and fringe benefit bond. He will
then record who issued the bond, the amount, the
dates covered, and the bond number.
||Also, the auditor will contact the
local unions to find out if there are any penalties
on the contractor being audited, and if any of those
penalties should be applied to the audit finding.
||With all that complete, the auditor
will compile the final results and will send those
to the Board of Trustees for the local unions.