Which of the following is a key step in the Final Audit process?

The key step in the Final Audit process is to calculate premiums and complete the audit. This step is crucial as it involves determining the final premium amount based on the underwriting criteria and the actual risk exposure during the policy period. This calculation ensures that any adjustments are made based on the final data collected, resulting in accurate financial reporting for both the insurer and the policyholder.

Completing the audit entails reviewing the insured’s operations, the data provided, and confirming that all relevant factors that may affect the premium have been correctly accounted for. By finalizing this step, the insurer solidifies the policy terms and ensures that the correct premiums are charged, which is ultimately essential for maintaining the financial health of the organization and providing fair pricing for customers.

While other steps such as entering audit details, scheduling premium reports, and updating policy information are important components of the overall auditing process, they do not represent the critical action that ties together the entire Final Audit stage. These other tasks may serve to support the audit but do not encapsulate the essence of assessing and finalizing premiums, which is the focal point of the Final Audit.