What is the role of an Investigating Accountant?
The brief for an Investigating Accountant (IA) can vary to suit the situation but will usually cover the following:
- Cashflow, daily and for say the next 12 months month by month;
- Current profit and loss activity, previous results and forecasts for say the next 12 months month by month;
- Performance against your past forecasts;
- Creditors and Tax debts with an emphasis on whether they are being paid on time;
- Debtors and current assets with an emphasis on their quality and collectability;
- Quality of the financial reports;
- Business and marketing plans.
The IA will then write a report for the lender to outline the options the lender should consider and what their recommendations are. The options they cover will basically be the Solutions mentioned in this website.
We strongly recommend that if the Bank has appointed their own adviser, being the Investigating Accountant, then you need to have your own adviser that will look after your interests. If you are in this situation why not CALL US NOW for CONFIDENTIAL FREE ADVICE.
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