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Field Audit
Reporting

Rely on our expertise to unlock financial transparency through field audits.

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Accurate Reporting

Thorough on-site assessments with enhanced data accuracy

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Quick yet high-quality field audit reports delivered on-time

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Experienced Team

Experienced team of certified field auditors who require less time to prepare

Field Audit

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Field Audit of Accounts Receivable

BizWorth’s field audits for accounts receivable are conducted to verify the accuracy and completeness of recorded receivables. These audits ensure that the amounts owed to the organization match the financial records, identify potential discrepancies, and enhance the credibility of the organization's financial statements.

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Field Audit of Inventory

BizWorth’s field audits of inventory assess the accuracy of recorded inventory by physically inspecting items, confirming their existence, and verifying their condition. The audit aims to prevent inventory misstatements, identify potential shrinkage, and ensure accurate financial reporting.

Field Audit of Physical Assets

BizWorth’s field audits of assets entail physically inspecting and verifying the existence, condition, and location of tangible assets, such as property, equipment, and vehicles. The audit aligns recorded assets with physical reality, reducing the risk of overstatement or understatement.

What we offer

Field Audit Report: BizWorth’s comprehensive field audit report is a detailed document that encapsulates the thorough assessment of any organization’s accounts receivable, assets and inventory. Conducted by our certified auditors, this report is designed to provide you with a comprehensive understanding of the audit process, findings, and actionable recommendations.

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More Information:

A typical field audit report provides a comprehensive overview of the audit process, findings, and recommendations. It serves as a formal document that communicates the results of the audit to the bank, organization's management, stakeholders, and relevant parties. While the exact contents may vary based on the scope of the audit and the organization's needs, below are the key features of a field audit report:

Key features of an audit report may include:
  1. Title and Cover Page: The report's title and a professional cover page provide an overview of the report's contents and set the tone for the document.

  2. Introduction: This section introduces the purpose and scope of the audit, along with relevant background information about the audited organization and the audit process.

  3. Executive Summary: A concise summary of the audit's major findings, conclusions, and recommendations, intended for busy stakeholders who need a quick overview.

  4. Audit Scope and Objectives: Clearly defines what aspects of the organization were audited and outlines the specific objectives and goals of the audit.

  5. Audit Methodology: Describes the audit approach, techniques, and procedures used to gather and evaluate information, ensuring transparency about the methods employed.

  1. Detailed Findings: Presents the audit's findings in depth, discussing both positive aspects and identified issues, weaknesses, or non-compliance areas.

  2. Conclusion: Summarizes the audit's outcomes, emphasizing its overall impact on the organization's operations, accuracy, compliance, and potential benefits from implementing the recommendations.

  3. Appendices: Supplementary documentation that supports the report's content, including evidence, data analysis, references, and additional information.

  4. Glossary of Terms: Definitions for technical terms and acronyms used throughout the report to ensure clarity for all readers.

  5. Signatures: Signatures of the field examiners, lead auditor, and relevant stakeholders.

Field Audit Leadership Team

Experts in field audits and reporting

Shelia Darby, Managing Director of BizWorth

Shelia Darby

MBA, CVA, MAFF, CMEA

Managing Director, BizWorth

Ms. Darby is a founding member of BizWorth and has over 20 years of financial forensics, valuation and advisory experience, having started her career in valuation working for Fortune 50 companies in North America and Europe. She served on the Ethics & Oversight Board of The National Association of Certified Valuators and Analysts (NACVA) and was also the President of NACVA Houston State Chapter. Her certifications include Master Analyst in Financial Forensics (MAFF), Certified Machinery & Equipment Appraiser (CMEA) and Certified Valuation Analyst (CVA). She holds a bachelor’s degree in Finance from Baylor University and an MBA from Rice University.

Jon Donnel, Managing Director of Advisory at BizWorth

Jon Donnel

MBA, CVA, MAFF

Managing Director, Advisory

Mr. Donnel is a finance professional with over 20 years’ experience in financial forensics, business valuation, financial planning and analysis, investment appraisal and financial modeling. He started his career providing accounting services for litigation consulting, business valuation, and bankruptcy proceedings, then advanced his career to hold senior level director positions for Fortune 50 companies and investment banks. Mr. Donnel now leads the Advisory Practice at BizWorth focused on complex valuations, loss profit calculations, partner buy-outs and disputes. His certifications include Master Analyst in Financial Forensics (MAFF) and Certified Valuation Analyst (CVA). He holds a bachelor’s degree in economics and an MBA from Rice University.

Shelia Darby
Managing Director, BizWorth

Serves as the managing director of BizWorth. Shelia's valuation experience spans nearly 25 years. The focus of her recent work has been on litigation engagements. Shelia is an elected member of the Ethics & Oversight Board of NACVA. Shelia is a Certified Valuation Analyst (CVA), Certified Master Analyst in Financial Forensics (MAFF) and an Equipment Certified Appraiser (ECA). She holds a bachelor's degree in finance from Baylor University and an MBA from Rice University.

Jon Donnel
Managing Director, Valuation Advisory

Leads the Valuation Advisory Practice focused on complex valuations, loss profit calculations, partner buy-outs and disputes. Jon has held senior-level director positions for Fortune 50 companies and investment banks. He is a Certified Valuation Analyst (CVA) and holds a bachelor’s degree in economics and an MBA from Rice University.

Robert Brand
Director, Business Valuation

Leads BizWorth’s informational and certified business valuation practice. Robert is an officer of NACVA's Houston State Chapter and serves as the treasurer of Houston's Texas Association of Business Brokers. He is a Certified Valuation Analyst (CVA). Robert is a former Combat Engineer serving in Iraq for the U.S. Army and holds a bachelor's degree in finance from University of Houston.

Renee Schreier
Director of Operations

Manages BizWorth's operations and strategic planning initiatives, report production and customer applications. Renee serves as the secretary of Houston's Texas Association of Business Brokers and was a former operations administrator with Accenture. She holds a bachelor’s degree from Texas Lutheran University.

Joseph (Joey) Wilson
Senior Market Analyst

Leads BizWorth's industry and market research initiatives. Joey was a former production analyst with Scotiabank. He is a NACVA Certified Valuation Analyst (CVA) holds a BBA and Master of Finance degrees from the University of Oklahoma.

Dan Darby
Director of Pitch Books & CIMs

Leads Pitch Book and CIM report production. Former management consultant with several Big 5 and Fortune 50 companies. Holds a bachelor’s degree in Business Administration from Baylor University and a Master of Science in Organizational Leadership from Northwestern University.

Jack Nielsen
Financial Analyst

Leads financial analysis to support preparation of valuation reports and pitch books. Holds a Bachelor of Science in Economics from Texas A&M University.

Weston Tschirhart
Certified Machinery & Equipment Appraiser

Mr. Tschirhart is a certified machinery and equipment appraiser at BizWorth. Specializing in over 10 years of agricultural, industrial and restaurant machinery and equipment, Mr. Tschirhart’s expertise ensures accurate and reliable assessments for clients across various industries and locations throughout the country. A proud graduate of the University of Texas at San Antonio (UTSA), Weston's analytical prowess and commitment to excellence make him a valuable asset in providing comprehensive and accurate machinery and equipment appraisals to clients from coast to coast.

Frequently asked questions

What is the purpose of conducting a field audit for accounts receivable assurance?

Field audits for accounts receivable assurance are conducted to verify the accuracy and completeness of recorded receivables. These audits ensure that the amounts owed to the organization match the financial records, identify potential discrepancies, and enhance the credibility of the organization's financial statements.

How does asset and inventory verification benefit my organization through a field audit?

Asset and inventory verification field audits validate the existence, condition, and value of tangible assets and inventory items. By ensuring alignment between recorded and physical assets, these audits prevent overstatement or understatement of assets, reduce the risk of fraud, and enhance financial accuracy.

Why should my organization consider field audits for loan integrity monitoring?

Field audits for loan integrity monitoring help ensure that borrowers are using loan proceeds in compliance with agreed-upon terms. These audits verify proper utilization of funds and adherence to repayment schedules, reducing the risk of default and protecting the lender's interests.

Can field audits uncover potential fraud in accounts receivable, assets, inventory, and loans?

Yes, field audits are designed to identify irregularities and potential fraud within accounts receivable, assets, inventory, and loans. By physically verifying assets, inspecting inventory, and monitoring loan usage, auditors can detect inconsistencies, unauthorized transactions, or non-compliance with terms, helping prevent fraudulent activities.

How do you ensure confidentiality and unbiased reports?

At BizWorth, we place utmost importance on confidentiality and unbiased field audits as essential elements of our professional practices. Our commitment to ethical standards ensures strict confidentiality of all client information and details. To ensure top-notch data security, we employ our secure Data Collection Portal with bank-grade security measures. All data is encrypted at rest using AES-1256 and managed with sophisticated encryption keys.

Our data security features include certified data centers located in North America, providing data redundancy and reliability. Secure Document Transfers with 128-bit SSL/TLS encryption and robust AES 256 encryption for documents further strengthen our data protection measures. Our platform receives frequent audits by independent third-party auditors to ensure the integrity and safety of our data practices.

At BizWorth, our field auditors are employees of the company and operate independently, free from any conflicts of interest, to provide impartial and objective audits. With our focus on confidentiality, unbiased appraisals, and robust data security, you can trust BizWorth to handle your field audit needs with the highest level of professionalism and integrity.

How is the cost of a field audit services determined?

The cost of our field audit services depends on several factors, including the volume of accounts, inventory size and variety and asset diversity and any required travel. We provide online quotes and convenient ordering. Get started with a custom price quote >Field Audit Custom Quote

What is the typical turnaround time for receiving the field audit report?

The turnaround time for our field audit reports varies based on the scope and complexity of the audit assignment. In most cases, you can expect to receive the appraisal report within 2 weeks after the audit and data collection process is completed. Our priority is to deliver timely and reliable field audits without compromising the quality of our work.

If you have any further questions or need additional information about our field audit services, please don't hesitate to contact us. We are dedicated to providing top-notch customer service and assisting you with all your field audit needs.

Who is responsible for preparing the field audit report?

At BizWorth, the responsibility for preparing the field audit report falls upon our team of highly qualified professionals. Our reports are meticulously prepared by experts who hold NACVA-certified Master of Financial Forensics credentials, ensuring a comprehensive and accurate analysis of the audit findings. Our financial analysts, equipped with degrees in business, accounting or finance, work diligently to compile, analyze, and interpret the audit data, translating it into insightful and actionable information. This ensures that our field audit reports are not only thorough but also aligned with industry best practices and regulatory standards.

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