Field Examinations

Asset Based Lending Services, LLC offers two primary types of field exams:  Full Scope and Limited Scope.

  • The Full Scope Exam is a minimum of two days at the Borrower’s place of business to conduct a review of the Accounting System (including processes and procedures), Financial Statements, Accounts Receivable, Inventory, Accounts Payable, Cash, and Payroll Taxes. Testing is conducted on both Accounts Receivable and Inventory.  In addition, key financial data for 13 months is gathered and input into our work-papers in order to produce tables and graphs for annual and year over year trends and turnover analysis.  A final written exam report is completed which analyzes and interprets the tests and data.  The report includes key findings and an Executive Summary.  In addition, the report includes detailed tables, graphs, and Examiner comments.
  • ABLS has two Limited Scope Exams:
    • Our standard Limited Scope Exam is a minimum of one day at the borrower’s place of business.  It differs from the Full Scope Exam in that it does not include Inventory testing and can be ordered for either a 6-month or a 12-month period.
    • Contractor Limited Scope Exam is a minimum of one day at the Borrower’s place of business.  Inasmuch as lines of credits approved for contractors carry additional risks (construction and completion) and typically use the Percentage of Completion method of accounting, ABLS’s Contractor Exam incorporates a review of Contracts and the Schedule of Jobs in Progress in addition to Accounting System, Financial Statements, Contracts Receivable, Accounts Payable, Cash, and Payroll Taxes.  The Contractor Limited Scope Exam is recommended for a 12-month period as most contractors have a seasonal component to their business which affects trends and turnover analysis.  A 6-month exam can be conducted when requested.

For more information about ABLS’s Field Exams or to schedule one, we invite you to call us at 206-332-1791 or toll-free at 1-866-725-0488.