Financial Services

Audit the file, every number tied.

From loan covenants to fair value disclosures — math that ties before review.

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Loan LN-1042 · ABC Corp Inc.
Term loan · $4.2M · Acme Bank FY26 audit
Covenant flagged
Agreement terms
Principal$4,200,000
RateSOFR + 250bps
Maturity06/30/2028
DSCR covenant1.25x min
CollateralCRE — 123 Main St
Tested attributes
Principal balance$4,200,000
Interest rate6.50%
Maturity06/30/2028
DSCR actual1.18x
Collateral confirmReceived
Agreement parsed
Support tied
Covenant exception

The agreements are dense. The portfolio is large. The disclosures defend every Level 3 input the partner asks about.

01·The Agreement·Co-Audit

Read the covenants. Keep the citations.

Ask about DSCR, leverage, maturity, collateral. Co-Audit returns the answer cited to the paragraph it came from.

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Co-Audit
ABC Corp loan agreement
What does the agreement say about financial covenants?
Borrower must maintain DSCR of at least 1.25x and a maximum leverage ratio of 3.0x, tested quarterly.
Covenant summary
DSCR minimum≥ 1.25x
Leverage maximum≤ 3.00x
Test frequencyQuarterly
abc_loan.pdf· §6.1, page 18
Ask Co-Audit anything…
02·The Reconciliation·Match Agent

GL, statement, confirmation — one view.

Match Agent ties the cash balance across all three sources. Reconciling items land categorized as they appear.

See Match Agent
Cash reconciliation · Q4
Acme Bank operating account · 12/31/2026
Reconciled
GL
$24,580,250
General ledger
Statement
$24,580,250
Bank statement
Confirmation
$24,580,250
Bank confirmation
Reconciling items
Deposits in transit$125,000
Outstanding checks($35,200)
Service charges($1,420)
03·The Recalc·Test Agent

Interest and fees, recalculated to the cent.

Balance × rate × days, run across the portfolio. Exceptions surface in fieldwork with the agreement attached.

See Test Agent
Interest income recalculation
Loan portfolio Q4 · Balance × Rate × Days/365
Recalc
Loan
Balance
Rate
Days
Expected
Actual
Result
LN-1042
$4,200,000
6.50%
92
$68,830
$68,830
Pass
LN-1058
$2,800,000
7.10%
92
$50,038
$49,998
Review
LN-1071
$1,900,000
5.80%
92
$27,668
$27,668
Pass
LN-1084
$5,600,000
8.20%
92
$115,330
$115,330
Pass
3 of 4 recalcs tie · 1 exceptionWorkpaper
04·The Disclosure·Financial Statement Review

Fair value disclosures that hold up.

Level 1, 2, and 3 foot. Maturity, concentration, and pledged-asset disclosures get flagged on the lines that moved.

See Financial Statement Review
Fair value measurements — FY26
ASC 820 hierarchy · $ in thousands
In review
Level 1Level 2Level 3Total
US Treasuries$12,000——$12,000
Mutual funds$48,200——$48,200
Corporate bonds—$8,200—$8,200
Private equity——$2,800$2,800
Total$60,200$8,200$2,800$71,200
Level 3 valuation methodology disclosure missing detail on unobservable inputs.

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