Inventory Audits & Financial
Control Assessments
"All of my professional accountant appraisals are milquetoast!"
- frustrated Wisconsin CCO
In today's litigious malpractice environment, many professionals are silent when it comes to the full spectrum of inventory and financial control audits necessary for a Bank when determining credit quality. Where does this leave today's community banker? CCS expertise focuses on field audits and financial controls assessment.
"Is the inventory all there, and is it really valued correctly?"
CCS provides:
- Extensive reporting and financial spreads
- In-field interviews and system control assessments
- "Dock to Stock to Desktop" audits and statistical analysis
- Ongoing monitoring for volatile inventory usage and valuations
- Methods and procedures assessments used in inventory calculations
- Compliance and variance reporting of valuations with impact to collateral
Inventory funding that is monitored only by financial statements or borrowing base certificates can be 2-3 operating cycles behind the current business condition. The impact of a business decline or reversal, along with subsequent asset impairment, if not properly monitored can upset the Bank's returns - not to mention the regulatory pressures and Board frustrations that can absorb resources and drain morale.
This is why CCS has developed a thorough method for the assessment of Financial Controls in combination with inventory field audits and management systems. CCS' certified fraud examiners are experienced and helpful in assisting our Bank clients with these issues while protecting confidentiality.