What are the areas of Importance for Internal Audit of Construction Firm?Let me know ......
7 Replies
Narendra
(Employment)
(154 Points)
Replied 27 November 2007
For a constuction firm , interncal controls for following areas may be checked thourghly,
Contract revenue
Contract expenses
Work in progress
Site cash ect,,,,
girish
(article)
(567 Points)
Replied 28 November 2007
Work certified and not certified....Amount carried to Profit and loss..
Prakash Popat
(3134 Points)
Replied 29 November 2007
Evaluation and Control over systems to decide WIP,and Consumptions of Basic RM,such as steels,cement,Bricks.
CA Ghanshyam Baheti
(chartered accountant)
(587 Points)
Replied 26 December 2007
your query will be resolved if you will be well versed with the acoounting standard 7 on construction contract. do one thing explore the accounting standard file from the files uploaded in some files you ll get the checklist attached therewith i had seen . so do little bit of homework
Mahesh B Chandorkar
(Student)
(40 Points)
Replied 28 December 2007
first thing you have to do, you have thoroughly check the & understand the Internal control system of construction company.
(Guest)
For Internal Audit, My view
Project Documents,
Engineer's Plan,
Whether legal followed,
Whether approved by passing authority,
RM pur authority,
RM pur bills with challan,Gate pass & other supporting,
Labour Register,Contract Agreement,
RM Issue Process,
Work in Progress,
Cash related Control,
Also read AS 7
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 23 January 2008
Its better to go through AS-7 before starting the audit.
Recent Topics
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
Related Threads
CAclubindia
