Actuarial valuations of post-employment benefits are an important tool for your auditor to complete your financial statements and are required under specific GASB statements. In order for us to provide the most accurate valuation, it begins with the initial steps of the valuation process. The first step in preparing a proposal for a new post-employment valuation is confirming the benefit summary is correct from a prior valuation or preparing a benefit summary if you are a new client.
It is extremely important that all post-employment benefits you offer (including sick leave) are accurately stated on the summary for several reasons:
- In order to provide an appropriate fee for the valuation we must know the extent/complexity of the benefits you provide.
- Changing the benefits after a proposal is accepted or draft report is provided, can lead to additional fees being charged due to extra time that may be involved in updating the valuation.
- Having incorrect benefits can lead to over or under stating your liabilities and a new valuation or updates may be required to address this.
To ensure the accuracy of your benefit summary, we ask that you take the time and thoroughly review the summary. If you have any questions or want to ensure we are understanding/ have the benefits noted correct, we always welcome the opportunity to speak by phone. As we know this can be easier when discussing more complex updates.