Worldwide Advisory Services LLC
Worldwide Advisory Services LLC
Boston – New York – Chicago – Phoenix – Charleston
(617) 500-5586
| Worldwide Advisory Services provides field examination services for a wide range of commercial bankers and asset based lenders, from community lenders to large national financial institutions. Our clients include commercial lenders offering informal or lightly monitored lines of credit to asset based lenders offering fully monitored asset based lending facilities. Our success comes from our experience, commitment to quality, and our ability to customize our collateral field examination programs to suit a wide range of lenders – from the most experienced asset-based lender, to the commercial lender requesting a field examination for the first time. |
Worldwide Advisory Services has developed an innovative product line in response to the ever changing clients needs. With extensive experience in the Asset Based Lending Industry, we deliver a complete suite of appraisal and field examination services, inclusive of providing combined appraisals and field exams for new loans, collateral updates or workouts. Our products provide comprehensive investigations and conclusions of inventories, machinery & equipment and reporting systems as well as offering recommendations regarding key monitoring issues and recovery factors to assist in managing assets on an on-going basis.
Our goal is to provide consistent and timely collateral analysis based on the requested scope and needs of the client. Testing results can be presented by use of our or the client’s audit template The Examiner will communicate issues, findings and potential deviations with the client throughout the course of the exam. Upon completion, review will be performed by our internal audit manager prior to final issuance. After issuance, our managers and examiners will be available to discuss findings or concerns.
Worldwide Advisory has professionals located in New York, Connecticut, Massachusetts, Pennsylvania, New Jersey, South Carolina, Arizona and the Tri-State area surrounding Chicago, Illinois. Our staff easily covers the Northeast, West, Southeastern, Mid-Atlantic and Midwest regions and has the ability to handle a client’s needs wherever the assignment may take them.
Accounts Receivable/ Accounts Payable:
Verify the authenticity of receivables.
Examination of sales dilution, bad debts, contra accounts.
Review of credit and dunning procedures and analysis of receivable customers and quality.
Inventory:
Examine components of inventory and their tracking systems.
Test inventory costs and sample count against company records.
Determine the salability of inventory in liquidation through proper examination of all inventory issues and discussions with our liquidation group who have valuation and liquidation experience.
Trade Debt:
Review trade debt invoices, agings and/or payables listings to determine liquidity strengths or weaknesses and general trade position.
Examine other bank or officer debt, leasing exposure, and their trends.
Books & Records:
Examine sufficiency of accounting systems, backup and personnel.
Cash & Loan Accounts:
Audit cash receipts and disbursements to uncover unusual flows of funds.
Check to see that all cash payments are received as required under loan repayment agreements.
Insurance:
Determine the adequacy of property insurance to cover losses against bank collateral at all applicable locations.
Review general and product liability coverages and warranty coverages or internal reserves.
Taxes:
Review ledgers, internal tax records and cancelled checks to determine the current status of tax payments.
Tax records can be verified directly through the IRS (upon proper documentation with the customer).
Financial Reporting:
Reconcile ledgers and reports into financial statements to confirm accuracy.
Verify Borrowing Base reporting.
Upon request we will review financial trends, balance sheet, cash flows, profitability and projections.
Understand how management strategies will affect future financial performance and the bank’s collateral position.
Our proven collateral field examination programs identify areas of potential risk, assess that risk, and provide recommendations to commercial and asset-based lenders to aid in making informed decisions. Our most common areas of expertise are new business pre-loan surveys and recurring field examinations. Both are essential tools to assist the commercial and asset-based lender in structuring existing or proposed credit facilities and in better understanding the underlying collateral.
Our Services Include:
Traditional collateral field examinations
Consumer finance field examinations
Premium finance field examinations
Floor plan field examinations
Accounts receivable confirmations
Accounts receivable aging analysis and ineligible calculation
Lender seminars
Training borrowers to correctly complete borrowing certificates and calculate ineligibles
We can amend our field examination services to meet your specific needs.
Common services we provide include:
Traditional Asset-Based Collateral Field Examinations
Limited Scope Collateral Field Examinations
New Business Survey Field Examinations
Recurring Collateral Field Examinations
Consumer Finance Field Examinations
Premium Finance Field Examinations
Floorplan Field Examinations
Leasing Field Examinations
Takedown Field Examinations
Observation of Physical Inventory
Borrowing Certificate Tracking and Reconciliation
Accounts Receivable Aging Analysis and Ineligible Calculation
Borrowing Certificate Training for the Borrower
Ineligible Calculation Instruction for the Borrower
Written and Telephone Accounts Receivable Confirmation Services
Tracking and Scheduling of Recurring Examinations
Aging and Perpetual Footings
Data Sort/ Extraction Services
Lender Seminars
Services
Collateral Examinations
Investment Analysis
Quality of Earnings Reviews
Workout Assistance
Collateral/ Integrity Monitoring