Which one of the following statements best describes a field exam conducted in conjunction with an asset-based loan?

A field exam is conducted by the borrowers auditor usually 3 or more times per year. It primarily focuses on assessing the value of the lenders collateral. It is not designed to detect fraud (which is generally regarded as too difficult to detect).

A field exam is conducted by the borrowers auditor usually 3 or more times per year. It primarily focuses on assessing the value of the lenders collateral including detecting fraud.

A field exam is conducted by the lender (or the lenders agent) usually 3 or more times per year. It primarily focuses on assessing the value of the lenders collateral. It is not designed to detect fraud (which is generally regarded as too difficult to detect).

A field exam is conducted by the lender (or the lenders agent) usually 3 or more times per year. It primarily focuses on assessing the value of the lenders collateral including detecting fraud.