Negotiate with Your Bank
Reviews and especially Audits can be very expensive to the business owner. If your bank does ask for a Review or Audit, you should be aware that you and your CPA have the ability to negotiate. A bank may be willing, for instance, to postpone the requirement for another year, or possibly two, particularly if the business has a good track record with the bank and has provided reliable financial statements and other information on a timely basis throughout the relationship. The level of financial statement can often be negotiated as well. Again, if the market is very competitive for loans, banks will often be willing to change their terms in order to keep a valued relationship. A business owner is also wise to cultivate a relationship with the banker. A good banker can absolutely be an advocate for the business owner and can apply reasonable pressure to the loan committee to make concessions, when appropriate.