Sub-Hire Audit

For funders using sub-hire arrangements, we conduct audits of vehicle and asset documentation, including financial analysis, to ensure that the operator is running the facility to the correct standards.

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Audit Principles

Our audit is designed to:

  • Support industry partners with the adherance and enforcement of their sub-let and part with possession terms and conditions.
  • Provide independent confirmation of existence, location and condition of assets under funding.
  • Verify the management and control of assets under funding by way of hire systems and supporting documents.
  • Help prevent fraud and mitigate risk on assets on hire.

Audit Provision

We understand that as the asset is the security for the loan, the existence and title to the asset is of paramount importance to you. Through comprehensive and bespoke independent physical audit, we will work with you to ensure the audit process is sufficiently robust for each dealer risk profile and combined with our advanced reporting tools we will effectively manage the risk. This process not only ensures high quality floor plan audits, but that you have full support throughout the process.

  • Physically observe any available assets on site and establish that the assets are in satisfactory condition in relation to their type, age and usage.
  • Review any assets off site by way of fleet management / hire systems and supporting documentation, ensuring that all audited assets are accounted for.
  • Verify that all funded assets, whether on hire or off hire, are being serviced and maintained to the required standards.
  • Ascertain that the assets are suitably covered for insurance purposes.
  • Ensure that sold and / or stolen assets are being notified and settled in a timely manner.
  • Confirm that the Sub-Hire funding facility is being correctly managed and administered.
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Why Choose Us

Best Practice

With over 25 years’ experience, we understand the bespoke needs of every area of the asset funding market.

Bespoke Solutions

We provide a bespoke solution to meet the funder’s exact auditing requirements.

Risk Mitigation

We help safeguard assets under funding through an independent and impartial service.

Knowlege

Our team’s experience and knowledge mean that we bring added value to the audit solution.