Field-Exam Readiness is the state of preparedness a borrower must achieve to successfully undergo a lender’s field examination (collateral audit) in asset‑based lending. It means having clean, accurate, well‑organized financial and operational records that allow examiners to verify collateral, test controls, and assess reporting reliability without delays, gaps, or inconsistencies.

This readiness is essential because field exams are used by lenders to verify the existence, quality, and performance of collateral, including accounts receivable and inventory.