Internal control services

info@consultconstruction.comwww.consultconstruction.com

• Setting up Controls in Real Estate / Construction Business

Consult Construction is a consulting firm with all governance, compliance and IT related services related to the construction sector under one roof.

Focus Areas :-

Corporate GovernanceManagement AuditProject Budgeting and MonitoringIndirect Tax CompliancesCorporate TrainingInformation Technology and Allied ServicesISO Implementation

Core Team

Mr.Sandesh Mundra - Indirect Tax & Management AuditMr.S N Mundra - CompliancesMr.Samir Siddhpuria - VAT Mr.Philip Fernandes - Excise Mr.Dinesh Kavi - Labour LawsMs.Suman Mundra - Management AuditMr.Sanjay Christian - Management AuditMs Pooja Jajwani - IndirectTax Consulting

Authored - Technical Guide on “Business Controls, Monitoring and Internal Audit of Construction Sector”

Authored the technical Guide on “Business Controls, Monitoring and Internal Audit of Construction Sector” issued by ICAI in 2011.

One of our team members has been appointed to the three member National level Direct and Indirect Committee of Builder’s Association of India (BAI) for year 2014. Successful representation to the Ministry of Finance on service tax related issues on behalf of BAI.

Paper on “Accounting Controls in Construction Sector” chosen for publication in January, 2013 issue of National Journal of ICAI.

Paper on "Budgeting Challenges for construction sector" chosen for publication in August 2013 issue of National Journal of ICAI.

Our team members have acted as a speaker on various topics in seminars and study circle meets organised at Mumbai, Ahmedabad, Gandhinagar, Navsari, Jamnagar, Rajkot and Nadiad Branches and study circles of ICAI.

Our team members are Regular Column writers for Indian Construction (Journal of Builder’s association of India), CA Associaton Ahmedabad & web portals like Consult Construction.com & Consolidation of accounts.com

Our Team Achievements

Consult Construction is a consulting firm with all governance, compliance and IT related services related to the construction sector under one roof.

Focus Areas :-

Corporate GovernanceManagement AuditProject Budgeting and MonitoringIndirect Tax CompliancesCorporate TrainingInformation Technology and Allied ServicesISO Implementation

Challenges Involved Improper definition of

BOQ Lack of Control on Design

and material changes Material Reconciliation Commercial Decision

Making – Procurement Statutory Compliances Asset Management Schedule Management

Contractor Management Planning Cost Savings by

finding different ways to engage the inputs – Man, Material and Machine including Resource Management

Monitoring Fund Flow Legal Documentation

Controls required

A) Operational Controls:• Control over Labours• Control over Materials• Control over Equipment • Documentation and records • Timely accounts closure • Employee & Salary Structure• Quantity reconciliation of Contractor vs. Client billing• Material Reconciliation

Controls required

B) Financial & MIS: • Review of Budget vs. Actual performance• MIS of all departments

C) Taxation & Compliances: • Direct Tax• Indirect Tax• Labour Laws

Contracting

Customer Management

• Structuring of Agreements to sale / Sale deeds

• Setting up Billing and Collection Cycle

• Dealing with Cancellations /Transfers

• Setting suitable structures for post construction maintenance

Appointing Contractors• Structuring of Tendering & B.O.Q.

• Letter of Indent

• Critical Work Order Clauses,Like - Defect Liability period, BG, Mob. Advance, Extra Items, Liquidity Damages, Rate Ecalation, Designing proper BOQ, etc.

Budgeting

Types of BudgetsIndicative

Final Closure

Tracking Budget Variances Contractor cost

Material Cost

Equipment Cost

Overheads

Synchronisation of Account heads with Budgetary Heads

Site Stores Management

Store - Flow chart

MRN (Material Requisition Note)

Indent

Procurement - Quotation & PO

GRN (Goods Receipt Note)

Outward / Consumption

Data Entry & Record maintenance

Difficult Areas / Material Management

• Material Master • Procured Material Controls• Returnable Material Reco (FIM = Free Issue Material)

• Loan transactions• Outward Process• Control over loss of material• Physical verification process• Scrap Material & its Disposal

Other Areas- HR- Equipment- Accounts- Taxation- Other Compliances

Controls/Planning of Staff & Labour

Ghost Labour Working in both supply & measurementIncomplete & its recovery / Repay for Duplication of

workStaff Salary package & Project TransfersAttendance and Mess Controls at Site

Equipment Controls

Decision Making – Hire / Purchase

Control areas in both cases Hired & Own, like– Vehicle Report,– Fuel consumption analysis, Due dates of permits /

Insurance & Taxes etc..

Accounts

Decession of Accounting whether Centralized or Decentralized

Accounting with inventory

Appointment of proper local Consultants for Statutory compliances & Assessments i.e. VAT & Labour Law

Customized Controls in Books of Accounts – Tally / Any ERP

• Common chart of accounts (Technical vs. Financial)

• Inventory & Labour Masters• Defining BOQ items• Define Material inward process• Tracking Free Issue Material (FIM)• Linkage with MIS• Exceptional reporting

Tax Structuring – Indirect Taxes

• Structuring of Agreement• Payment Schemes • Point of Taxation• Sub-Contractor Planning• Avoid Tax Overlap • Reverse Charge Mechanism• Procedural Issues

Labour Laws

Compliances of basic following laws like –• Labour License• Minimum Wages & Bonus • EPF• Workmen Compensation Insurance / ESIC• Labour Cess• Bonus • Labour Welfare • Child & Women Labours etc..

- Project Closure

Project Closure

• Closing Reconciliations• Quality Controls• Preparation of final bills• NOC from all Departments• Documentation of Variations• Documentation of Disputes• Future Learning

In House Training

• Educating the users about the need to have better systems

• Upgrading the level of Knowledge that the users possess

• Ensuring smoother coordination among various stake holders

• Evaluation

Some of the companies who have attended our workshops

• Thanks

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