INTANGIBLES OF THE FIELD EXAMINATION PROCESS
What sets Bourget and Associates examiners apart from others in our field? Many firms perform the field examination function, filling out worksheets, analyzing the data and reporting their findings. At Bourgetand Associates, we are businessmen who happen to be examiners. We bring a business sense to the examination process so we can provide quality recommendations and solutions to the issues we uncover. Our experience working with borrowers, financial institutions, CPA’s and attorneys is unparalleled.
Asset-based field examinations provide lenders with timely and important information regarding collateral. Our firm is engaged to make a difference, not just report numbers and statistics. More than just evaluating and reporting on the integrity of the borrower’s collateral, Bourget and Associates examinations bring intangible benefits to the examination process.
One of our main goals at Bourget and Associates is to build, enhance and preserve strong business relationships with both lenders and borrowers. We achieve this through a combination of being flexible to handle situations, fostering cooperation between all parties during the examination process, and maintaining strong communications with borrowers and lenders, prior to, during and after the fieldwork is completed.
Our examiners are not judgmental. While other examination groups may enter the process with preconceived notions as to how the final outcome of the exam turn out, Bourget examiners enter each exam with the goal of identifying areas that are in need of enhancement and looking for solutions to improve the borrower’s operations while reducing the lender’s risk.
Adaptability
ABL field examinations are often performed under time critical and challenging conditions. The ability of our examiners to adapt to ever changing situations sets up apart from other examination firms. Although our examinations are conducted in accordance with procedures that are agreed upon prior to the start of the fieldwork, our examiners are skilled at identifying additional areas of concern and suggesting appropriate review and testing procedures.
By working with people professionally, treating them with respect and addressing their largest issues and concerns, we routinely adjust our examination methods and procedures to bring the best out of the borrower’s staff.
We are all aware that borrowers come in all different sizes and levels of sophistication. From the smallest companies still using manual records to the largest multi-divisional companies using proprietary software specific to their industry, Bourget and Associates has the ability to work with simple and complex systems. Our examiners do not take a “cookie cutter†approach to the field examination process. Whether we are using our own template or one provided by the lender, we are able to quickly and seamlessly adjust to the situations at hand.
A quality field examination is not just the process of gathering and reporting data. It must include learning about the borrower’s business and industry. Only by knowing how the borrower operates can procedures, reports and financial data be properly analyzed to arrive at quality recommendations and solutions to existing and potential issues.
Communications
Our contact with lenders and borrowers doesn’t just begin with pre-audit contact and end with a closing meeting and post-audit report. High level communication is maintained with the lender and the borrower throughout the examination process. The extent of this communication is based upon our findings and the lenders requirements but range from daily emails to extended conference calls.
The examination process begins with our pre-visit conversation with the lender. Whether it is a one-on-one or a multi-participant conference call, we seek information regarding not only the scope of the fieldwork but insight into the lender’s perception of their borrower. Do they believe there are no major issues or does the borrower appear to be struggling? Are there any ongoing talks regarding the restructuring of the loan facilities? Is the lender satisfied with the relationship with the borrower? By communicating extensively with the lender prior to the start of the fieldwork, we are in a better position to adapt our examination techniques to the situation at hand.
Armed with this initial information provided by the lenders, contact with the borrower prior to the visit, the borrower and the Bourget examiner are better prepared for the field examination. We not only provide the borrower with the standard list of books, records and dates, but we immediately begin developing the relationship, which will ultimately drive overall cooperation throughout the exam process.
While ongoing communication with both lenders and borrowers are essential to complete a thorough examination, it is the closing meeting with the borrower (and oftentimes the lender) which solidifies the relationships. Most executives have not had the opportunity to experience a positive closing meeting. How everyone comes out of that closing meeting can shape overall relationships for the coming months.
A good closing meeting needs to be positive. At Bourget and Associates, we make an effort to point out things that went well, not just the areas that need improvement. Sometimes this only requires the examiner to show how recommended changes will improve operations and controls. Other times it may require intensive discussion, working together along with the lender and borrower, to arrive at workable solutions to issues uncovered during the examination.
Cooperation
By their nature, examinations require assistance from borrower personnel, resulting in some inconveniences. Examiners may be requesting documents, which may not normally be produced, staff members may be busy tracking down shipping documents, and inventory staff may be needed to direct the examiner around the warehouse, etc.
Our information gathering techniques foster an environment of mutual cooperation between Bourget examiners and Company personnel. As a result, any anxiety over the upcoming examination process is minimized.
At Bourget and Associates, we pride ourselves in working well with people. We develop a professional relationship with all levels of management at the borrowers and strive to maintain those relationships throughout future engagements.
One of our main goals at Bourget and Associates is to build, enhance and preserve strong business relationships with both lenders and borrowers. We achieve this through a combination of being flexible to handle situations, fostering cooperation between all parties during the examination process, and maintaining strong communications with borrowers and lenders, prior to, during and after the fieldwork is completed.
Our examiners are not judgmental. While other examination groups may enter the process with preconceived notions as to how the final outcome of the exam turn out, Bourget examiners enter each exam with the goal of identifying areas that are in need of enhancement and looking for solutions to improve the borrower’s operations while reducing the lender’s risk.
Adaptability
ABL field examinations are often performed under time critical and challenging conditions. The ability of our examiners to adapt to ever changing situations sets up apart from other examination firms. Although our examinations are conducted in accordance with procedures that are agreed upon prior to the start of the fieldwork, our examiners are skilled at identifying additional areas of concern and suggesting appropriate review and testing procedures.
By working with people professionally, treating them with respect and addressing their largest issues and concerns, we routinely adjust our examination methods and procedures to bring the best out of the borrower’s staff.
We are all aware that borrowers come in all different sizes and levels of sophistication. From the smallest companies still using manual records to the largest multi-divisional companies using proprietary software specific to their industry, Bourget and Associates has the ability to work with simple and complex systems. Our examiners do not take a “cookie cutter†approach to the field examination process. Whether we are using our own template or one provided by the lender, we are able to quickly and seamlessly adjust to the situations at hand.
A quality field examination is not just the process of gathering and reporting data. It must include learning about the borrower’s business and industry. Only by knowing how the borrower operates can procedures, reports and financial data be properly analyzed to arrive at quality recommendations and solutions to existing and potential issues.
Communications
Our contact with lenders and borrowers doesn’t just begin with pre-audit contact and end with a closing meeting and post-audit report. High level communication is maintained with the lender and the borrower throughout the examination process. The extent of this communication is based upon our findings and the lenders requirements but range from daily emails to extended conference calls.
The examination process begins with our pre-visit conversation with the lender. Whether it is a one-on-one or a multi-participant conference call, we seek information regarding not only the scope of the fieldwork but insight into the lender’s perception of their borrower. Do they believe there are no major issues or does the borrower appear to be struggling? Are there any ongoing talks regarding the restructuring of the loan facilities? Is the lender satisfied with the relationship with the borrower? By communicating extensively with the lender prior to the start of the fieldwork, we are in a better position to adapt our examination techniques to the situation at hand.
Armed with this initial information provided by the lenders, contact with the borrower prior to the visit, the borrower and the Bourget examiner are better prepared for the field examination. We not only provide the borrower with the standard list of books, records and dates, but we immediately begin developing the relationship, which will ultimately drive overall cooperation throughout the exam process.
While ongoing communication with both lenders and borrowers are essential to complete a thorough examination, it is the closing meeting with the borrower (and oftentimes the lender) which solidifies the relationships. Most executives have not had the opportunity to experience a positive closing meeting. How everyone comes out of that closing meeting can shape overall relationships for the coming months.
A good closing meeting needs to be positive. At Bourget and Associates, we make an effort to point out things that went well, not just the areas that need improvement. Sometimes this only requires the examiner to show how recommended changes will improve operations and controls. Other times it may require intensive discussion, working together along with the lender and borrower, to arrive at workable solutions to issues uncovered during the examination.
Cooperation
By their nature, examinations require assistance from borrower personnel, resulting in some inconveniences. Examiners may be requesting documents, which may not normally be produced, staff members may be busy tracking down shipping documents, and inventory staff may be needed to direct the examiner around the warehouse, etc.
Our information gathering techniques foster an environment of mutual cooperation between Bourget examiners and Company personnel. As a result, any anxiety over the upcoming examination process is minimized.
At Bourget and Associates, we pride ourselves in working well with people. We develop a professional relationship with all levels of management at the borrowers and strive to maintain those relationships throughout future engagements.