Florida Workers’ Compensation Joint Underwriting Association Audit Committee Meeting Report: May 5, 2011

The Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Audit Committee (“Committee”) met briefly via teleconference today, May 5, 2011, to review and recommend approval of the FWCJUA’s annual audit.  The meeting materials are attached.

The audit report was positive on all fronts, with auditors finding no breakdown in FWCJUA controls, no issues relating to functions not being performed or problems with unusual transactions, financial disclosures, or overall accounting practices.

The following highlights of the report were offered:

• No significant or unusual transactions in controversial or emerging areas were found
• All reported amounts were consistent with financial reports submitted throughout the year
• No significant issues arose from the audit
• No disagreements with management over the application of significant accounting principles, or the scope of the audit were found

“We did not see any issues or any items for recommendation of changes,” the external auditor said.  “The methodology used in 2010 is consistent with the previous year.”

Committee members unanimously recommended finalization of the report. 

In other business, the Committee adopted a tentative 2011 quarterly teleconference schedule, with meetings slated from 10:00 a.m. to 11:00 a.m. on August 18, and from 10:00 a.m. to 11:00 a.m. on November 17.

Before adjourning, FWCJUA Executive Director Laura Torrence briefly reviewed several items in the FWCJUA Audit Committee Charter Procedures Checklist, pointing out that all of its requirements are in order.

With no further business before the Committee, the meeting was adjourned.

Should you have any questions or comments, please contact Colodny Fass.

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