Recipes for success: what should the claim file contain?(RISK MANAGEMENT)

Claims, May, 2005 by Quinley, Kevin M.

You are at a restaurant, enjoying a delicious meal. In fact, it is so good that you turn to your dinner companion and ask, "What's in this main dish?"

The ingredients give the course its flavor and distinctness. Any cook knows that omitting certain ingredients can be disastrous, the difference between a souffle and a flop.

As in dining, so in claims. Ingredients are the keys to quality. What should a claim file contain? Are there certain bedrock components that clients should find in every claim file?

CPAs adhere to standards embodied in something called GAAP, generally accepted accounting standards. Are there generally accepted adjusting standards for claim file content and documentation? Does it depend upon the file, the type of claim,...

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