remittance advice. How often do we
see this? A lot more often than most
lenders would like to admit. So, how
would we approach the field exam for
such a company? We would focus our
specific testing on far more than the
standard 15-25 template samples. We
would start with the source documents and work our way up the accounting trail to the books of original
entry, the general ledger, the GL trial
balance, and ultimately the financial
statements. This approach is quite
often referred to as the “forensic”
approach and certainly requires more
time, with a heavy emphasis on phone
verifications and counting inventory.
The control environment should
explain why certain field exam assign-
ments need to depart from the basic
approach and samples of the standard
template. Some lenders have sepa-
rate templates for a more “forensic”
approach, which makes a lot of sense,
especially in “watch” level credits.
Scott Mitchell is managing director for
RedRidge Due Diligence, leading a
team of professionals in ABL surveys,
field exams, and special projects. His
group also focuses on Specialty Finance,
Portfolio Reviews, and Quality of Earnings
assignments. Scott has managed training
programs and due diligence teams for
in excess of thirty years. Mitchell is an
instructor for CFA’s field examiner School.
The field examiner School is a four-day
program covering every aspect of field
examination techniques and practices.
Participants will learn to be their organization’s “eyes and ears” through on-site
analysis of accounts receivable, inventory,
cash, fixed assets and all other forms of
collateral. For more information, please
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why we provide accessible financing that your business needs to
achieve its goals. Talk with us today and together, we’ll find a way
to make it happen. For more information about our asset-based
financing solutions, contact Warren Mino at 212.806.4500, or go
to websterbcc.com for an application.
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