What they don’t teach you at Harvard about auditing aircraft, by Jason Bradshaw, Partner, Corporate Finance

By maura, Thursday, 24th January 2019 | 0 comments

What is an algorithm bias auditor? I don’t actually know, but I do know that it’s a job, one that does exist, and one that my career advice teacher never mentioned back in the day. Maybe auditing aircraft Special Purpose Vehicles (SPV’s) doesn’t sound as exotic, but it also is a job option that was never mentioned when I was studying for my ACA exams. Now, it’s a real job, in the booming aircraft leasing industry and one that we in JPA Brenson Lawlor have begun to specialise in.

 

A quick word about aircraft leasing. Unless you’ve been under a rock recently, this is a sector in which Ireland is a world leader. This week I met with delegates at the AirFinance Journal and Airline Economics annual conferences, held in Dublin. Aircraft leasing is a massive worldwide industry and the Irish slice of it sees about 5,000 people working in the sector here, bringing in revenue of around €600m.

 

The Dublin conference is where major airlines, aircraft manufacturers and aircraft financiers discuss and negotiate future fleet requirements, numbers which are quite literally massive. And that’s where we at JPA Brenson Lawlor come onto the radar (do you like that pun!). Every aircraft SPV lease (and there are many variations, wet, dry, etc), has to be verified and audited annually. Basically, lessors and lessees need to know that the SPV does what it says on the tin. 

 

Because the value of an aircraft is massive it’s fair to say that a culture has grown up in the industry where support services, such as our own, have been charging pretty chunky fees for this work. This is where we spotted our opportunity. We have worked up an audit model that delivers a comprehensive and accurate audit but done in a way whereby we can charge considerably less to aircraft leasing clients. Providing professional services at value for money prices is what has moved us sharply up the audit rankings.

 

All businesses respond to great value.  And that’s what they don’t teach you at Harvard (tuition costs – you have to pay extra to live! – was just shy of $150,000 last year after all). In a world where a Boeing 777 costs $300 million, before running and maintenance costs, the auditing of each SPV probably gets minus consideration. Except by us. We offer exceptional value, top class professionalism, and we’re really easy to work with.

 

If you are in aircraft leasing, please give us a call today and see what we offer. We’re spelling it out for you. We offer value. That’s the word all the others don’t use. So that means you have nothing to lose except some very expensive audits.

 

 

Jason Bradshaw, Partner, Corporate Finance



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