| Topic : Residential construction & remodelling |
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Construction Planning & Management
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Activity:
88 views;
last activity : 07 06 2010 20:18:09 +0000
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Internal Auditors
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Attend Meeting
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Justify the Project
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financial audits
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I could say that Internal controls, compliance with policies and procedures, and the level of reliance on construction industry practices are all key audit factors. Internal controls are an invaluable aid to the efficient management of construction activities. Formal written policies and procedures provide the framework for employees to carry out their duties and establish accountability for their actions. Information regarding industry practices helps to establish benchmarks in a number of areas.
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i support the idea of internal audits which in turn help control the cost and apply brake to the unnecessary expenditure incurring,as it's well known that this construction industry is a fertile ground for all such financial misdeeds and malpractices.These things can only be checked with internal audits and periodic reviews at site level.
yes pradeep, Internal auditors also should not be content to look only at contract payments. They should assess construction-related exposures and implications from a broad perspective and act to protect and strengthen their organizations.
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I think attending meeting can also help you in audit, several different groups hold meetings related to construction projects, and many of them can provide valuable information to an auditor. Top-level executive discussions are often referred to as the "building committee" meetings. Another typical meeting is attended by the construction manager, project manager, and members of the different construction companies or trades participating in the project. This meeting is sometimes referred to as the "construction" or "job site" meeting, or it may be defined by the project's title.
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I think one should Identify which projects should be audited and the elements to be considered when designing audit work plans, many construction projects are initiated without even the most basic cost-benefit analysis or feasibility study. Documented evidence justifying the project should always be submitted, even though proceeding with a project that will not result in an increase in revenue or financial position can be acceptable in some instances. Sometimes projects are undertaken to maintain market share in a competitive industry or to provide a service or product line that will complement another.
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Nice insight .. What an article written for people us who dont get time to visit books.. I like toostep and its articles.. Thanls for discussion.
I am in gulf region and so I find many people with money from USA and western banks which they withdrew during the gulf war is responsible for the construction boom and artificial hike in Real Estate . This unstudied market development has lead to a sort of material shortages and cost hikes and now we see a sudden fall in market demand and also rock bottom oprice situation whereby all the investors are struggling. So a Feasibility study, justifying the project with the stakeholder's interests etc.. is a must in Projects Selection stage itself - Initiation stage in PM concept.
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Audits improve the controle in finance ,after very 1st audit one has to be cautous for the expenditure to be incurred in puchasing,labour & other establishment expenditure etc.But this is not applicable to govt. audits ,there these are mere formality and way of corruption also. |
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