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Financial and technical audit

Financial and technical audit

Financial and technical audit s a system of controlling measures aimed at the monitoring of targeted use of investment means, determining the real state of a construction project, determining potential risks.

The range of services is determined by the task and as a rule contains the following list of procedures:

  Studying and evaluation of the inner control system of the construction customer (including the analysis of corresponding customers inner documents (budgets, policies, provisions, regulations, instructions and procedures) connected with the realization of investment projects);

Studying the system of management (operating) accounting that the customer-developer has in place and the confirmation of its trustworthiness (reliability), by checking primary accounting economic documents, as well as the working documents that list the volume of work performed and the technology of their production;

Checking design documents;

Checking the initial permit documentation;

Checking the prices, norms and indexes;

Expertise of agreements concluded with contractors and equipment suppliers;

Analysis of the plan (schedules) of work performance and financing contractors (the procedure of spending funds);

Providing technical and financial supervision over the course of construction to ensure the correspondence of work volumes actually completed under the acts, their correspondence with the construction plan-schedule and quality, and also the correspondence of materials bought to those actually used at the object;

Checking hidden and additional work;

studying and evaluation of the quality of building constructions, joints, parts, engineering communications;

checking the availability of documents that certify the quality of constructions, products and materials (logbooks, certificates, results of laboratory testing, etc.);

Checking current operational expenses for conformity to the intended use of investment funds (to the sections contained in design estimates);

Checking the acts for the correct application of prices, coefficients, norms of indirect expenses for conformity to normative prices;

Checking the cost of construction materials in the acts for the conformity to average market prices;

Evaluation of the expenses incurred and the volume of work performed for the objects the construction of which is completed;

Detection and estimation of damage caused to the property (assets) by different acts (omissions), accidents or unfavorable phenomena;

Preparation of a report about the results of control procedures performed;

It is also possible to perform periodical control over the project stage.

The objects control checks include: 
Checking the availability of initial permit documentation;
Checking the timeliness of developing design estimates;
Checking the conformity of the volumes of work performed to the design documents;
Checking the conformity of the procedure of performed work acceptance and settlements for the  work performed to the conditions of the agreement,  regulatory documents and the effective legislation;
Checking the cost of work performed;
Checking sufficiency and timeliness of construction funding;
Checking the quality of work performed;
Checking the conformity of work stage and construction schedule.

Copyright 2008