Method and product for calculating a net operating income audit and for enabling substantially identical audit practices among a plurality of audit firms
First Claim
1. A method for enabling a plurality of audit firms, each operating independently of each other and having a reporting relationship with a common investment entity to perform substantially identical current net operating income (NOI) audit practices on behalf of the common investment entity, each of the plurality of audit firms being adapted to conduct an audit of a respective real estate property for the purpose of generating an associated set of current NOI values, said plurality of audit firms using respective copies of a computer program, the method comprising:
- deploying said respective copies of said computer program to said audit firms, said computer program including an interactive global NOI audit model and user-viewable standards, procedures, documentation, and reporting requirements, said deployed computer program being adapted for receiving a respective first input data in connection with the respective real estate property and generating a respective current NOI audit report associated with said respective real estate property;
inputting said respective first input data by the respective audit firm to said computer program;
receiving by the investment entity at least one said respective current NOI audit report, said at least one report being generated by a respective copy of said deployed computer program and reflecting said received respective first input data, wherein all said received respective current NOI audit reports have been developed by substantially identical audit practices resulting from the respective audit firms using said interactive global NOI audit model and user-viewable standards, procedures, documentation, and reporting requirements.
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Accused Products
Abstract
Deployment of a computer program including a global NOI audit model together with standards, procedures, documentation, and reporting requirements in interactive, digital form to a plurality of audit firms operating independently of each other and having a reporting relationship with an investment entity. The program is adapted for receiving audit data from a respective audit firm in connection with an associated real estate property and for generating an associated respective Current NOI audit report. The specific fields and screen arrangements, together with interactive instructions and definitions of the program require that each audit firm identify a consistent set of input parameters and apply them in a consistent way, as driven by the global audit model, thereby assuring computation and transmission of structurally consistent Current NOI audit reports to the investment entity, wherein the Current NOI calculations have been developed by substantially identical audit practices, procedures and assumptions. Using the same program, the investment entity then calculates and stores an Underwriting NOI set of values corresponding to each Current NOI report for the purpose of investment evaluation. The program generates a consolidated report of both Current and Underwriting NOI values for all of the plurality of audit firms so that the investment entity can effect a uniform analysis of all investment properties under consideration.
61 Citations
18 Claims
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1. A method for enabling a plurality of audit firms, each operating independently of each other and having a reporting relationship with a common investment entity to perform substantially identical current net operating income (NOI) audit practices on behalf of the common investment entity, each of the plurality of audit firms being adapted to conduct an audit of a respective real estate property for the purpose of generating an associated set of current NOI values, said plurality of audit firms using respective copies of a computer program, the method comprising:
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deploying said respective copies of said computer program to said audit firms, said computer program including an interactive global NOI audit model and user-viewable standards, procedures, documentation, and reporting requirements, said deployed computer program being adapted for receiving a respective first input data in connection with the respective real estate property and generating a respective current NOI audit report associated with said respective real estate property;
inputting said respective first input data by the respective audit firm to said computer program;
receiving by the investment entity at least one said respective current NOI audit report, said at least one report being generated by a respective copy of said deployed computer program and reflecting said received respective first input data, wherein all said received respective current NOI audit reports have been developed by substantially identical audit practices resulting from the respective audit firms using said interactive global NOI audit model and user-viewable standards, procedures, documentation, and reporting requirements. - View Dependent Claims (2, 3, 4, 5)
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6. A method for enabling a plurality of audit firms, each operating independently of each other and having a reporting relationship with a common investment entity to perform substantially identical current net operating income (NOI) audit practices on behalf of the common investment entity, each of the plurality of audit firms being adapted to conduct an audit of a respective real estate property for the purpose of generating an associated set of current NOI values, said plurality of audit firms using respective copies of a computer program, each said program copy being adapted for receiving respective first input data and generating a current NOI audit report associated with said respective real estate property, said program including an interactive global NOI audit model and user-viewable standards, procedures, documentation, and reporting requirements, said program being adapted for use by the investment entity to generate a respective underwriting NOI audit report corresponding to each said current NOI audit report, the method comprising:
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inputting said respective first input data by at least one of said plurality of audit firms into a respective copy of said computer program, said respective first input data corresponding to an associated real estate property; and
generating at least one respective Current NOI audit report by the respective copy of said computer program adapted to calculate said current NOI audit report from said first input data; and
transmitting to the investment entity said at least one respective generated current NOI audit report.
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7. An interactive computer program for generating at least one underwriting net operating income (NOI) set of values based on a respective current NOI set of values determined as part of a corresponding current NOI audit of a real estate property, comprising:
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a first input module for receiving at least one first item of information;
a second input module for receiving at least one second item of information;
a first calculating module for calculating a current NOI set of values from said at least one first item of information;
a second calculating module for calculating an underwriting NOI set of values from said calculated current NOI set of values and said at least one item of second information; and
an output module for outputting of at least one of the current NOI set of values and the underwriting NOI set of values. - View Dependent Claims (8, 9, 10, 11, 13, 14, 15, 16, 17, 18)
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12. A digital storage media including an operational interactive program for auditing of real estate properties comprising:
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a program stored in said media for receiving data and generating from said data at least one current net operating income (NOI) set of values and at least one corresponding underwriting NOI set of values determined as part of a corresponding current NOI audit of a real estate property; and
an output module stored in said media for outputting said at least one of the current NOI set of values and said at least one underwriting NOI set of values.
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Specification