The Unemployment Insurance Fund (UIF) have announced that if your business was one of the many that applied for and benefitted from COVID-19 relief this year through The Temporary Employer-Employee Relief Scheme (TERS), your business will be audited.
Business Tech reported on 30th November that companies that received money through TERS will be audited by forensic auditors.
What Will Be Checked?
Checks for the following (but not limited to) will be done;
- financial records
- authenticity of claims
- proof of payment to workers.
Who Will Be Completing the Checks?
Seven yet to be publicised companies with auditing, accounting and forensic investigation expertise have been appointed to complete forensic checks on behalf of the UIF (The Unemployment Insurance Fund).
What Information Will I Need to Show?
According to the Business Tech writer, The UIF will be looking for the following information, available either manually or electronically:
- UIF Covid-19 TERS application pack
- Bank statements relating to Covid-19 TERS application
- Each employee file
- Payroll report from 1 January 2020 to July 2020
What Should I Do Next?
Start preparing your documentation.
Read the full, original article, below.