Does anyone have an audit program for an accounts receivable/inventory financing program? Our bank uses the "Business Manager" product and I would like an audit program to use so I don't have to create one from scratch (too scary). Thanks!

Try ABA or ICBA they may have something to use. Good luck! I myself do not do that type of audit, at least not yet.
www.aba.com or www.icba.com

Sharon,

I don't have a program, however when I was exposed to this product a few years back there were a couple of major concerns. Look at the process of "buying back" the receivables, follow-up completed on past-due, ensure that contracts are on file,that the split (payment) to "Business Manager" are as contracted, method of monitoring to ensure customer does not exceed approved line, etc. Also ensure that the business (your customer)is not submitting invoices for items sold to related entities (same ownership under different name).

Good Luck

Check with "Business Manager". When I used to perform these audits, they used to have a section in their manual for Auditing. In fact, the software program they provide allows for Audit Confirmation Letters.

Here's a tip though. Most of my findings on these audits were not very good. The bank was always over ex-posed to credit risk by the customer and their affiliates they are doing business with. And the number one thing to watch, don't let the Business Manager customers accept the payments for which you advanced fund for. This leads to tremendous losses.