The AMS team has fine-tuned a financial-based audit/review that provides an owner of an aircraft with a third-party report and assessment of the owner’s flight department and operations. This audit includes a detailed analysis of the following: expenses, maintenance, crew, catering, flight operations, internal accounting, etc.; and it compares and measures these against comparable (best industry practices) aircraft fleets and operators with comparable aircraft and operations.
AMS offers this desirable and informative audit because many private owners and corporate flight departments do not have professional aviation-knowledgeable accountants or financial departments, or even tax consultants, and oftentimes lack the depth experience and clear understanding of aircraft operations. Because of such deficiencies, many of the necessary details are missed, including the identification of improper invoices, over-charges, illegitimate add-ons, mark-ups, etc., leaving an owner paying 5%-25% in overstated invoices and unnecessary expenses.
Unrealistically, many owners expect their pilots to be able to manage the flight department as well as provide accounting oversight. This function can unfairly take away from a pilot’s critical safety, training and flight planning activities. In some cases, pilots may not have a solid understanding, nor should they be expected to of; maintenance requirements, invoices, work orders, defects/discrepancies; and often they may approve an invoice that might have been questioned by a more experienced eye focused primarily on maintenance. With these industry shortcomings in mind, AMS can now offer an owner the ability to have a third-party report of his operations.
This review is a very in-depth look at all areas, and generally includes 120+ hours of onsite audit, culminating in a rather large report of 30 to 100+ pages depending on the size of the operation under review, and their specific type of operations.