Construction and Development Audit Service
The construction business market is changing rapidly and constantly, leaving you with the challenges that arise. From the labor shortage problem To new accounting standards and evolving technology, we can help you.
With experience and expertise, we have a long-term strategic plan. We can help construction companies succeed by improving their tax planning and conducting audits that are complete according to the standards. We also help companies with strategic planning to prepare them for the future.
Our construction industry experts are dedicated to serving your company like it's our own. Therefore, we understand the challenges and visions of our clients. Our consulting team is constantly monitoring important industry trends. We provide clients with valuable insights and help them stand out from the competition with comprehensive services. Audit of Internal Control and Financial Statements along with business consulting can help you strengthen your business for lasting success.
Problem commonly encountered in construction auditing
Accounting for construction business, whether it is the construction of buildings, roads, dams, bridges, interior decoration, and furniture or other utilities construction projects, usually last longer than one accounting period. As a result, the construction business has to have accounting and tax rules that are different from other businesses.
In addition, the working capital for each project is worth millions. If expenses, costs, raw materials, labor costs are recorded incorrectly, it will open up a channel for corruption and money spilled. For this type of business, an accounting audit should be provided by those who have experience in the field to understand and recommend correctly.
The problems that our team frequently encounter are
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Project contract paid in installments may not be fully realised according to accounting standards
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Effects of taxation on construction work and during construction work
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Inventory problems, during construction work, may not keep records of inventories.
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Lack of management techniques in procurement
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Wage control system
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Operating cost control; Related to construction work and during construction work
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Internal control related to construction work and during construction work
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Accounting problems are not worth the expense to fix
Our team can help you
Transparency in business operations is now very crucial. Construction companies who depend on jobs from the government sector or large projects from foreign countries need to do the Anti-corruption system to achieve credibility. One way to do this is to get a certificate to be certified as a Certified Member from CAC.
CAC (Thailand private sector collective action coalition against corruption)
There are 3 important objectives which are
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Creating a transparent business entity free of pay-and-accept bribes.
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Raising operational standards that can control corruption risks of the private sector
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Contributing to changes in government services, to be more efficient and transparency
At the present, all Thai commercial banks have been certified by CAC. And life insurance companies have registered with CAC. In addition, most companies in the financial business, including securities companies, And mutual fund management companies have also joined the CAC announcement of intent.
Developing an effective anti-corruption system within the organization is to build immunity to prevent bribery problems. A good anti-corruption system will prevent the risk of the company and its personnel both legal, financial, and reputational risks.
AM Audit Group, we are the expertise
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A good audit is crucial to help implement the Anti-corruption system
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We suggest a fraud control policy, no bribery, register company to the system to submit a request for Anti-corruption certification
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Indexing and reference the checklist document appropriately
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Correctly identify corruption risks and establish operational control measures
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Internal controls reduce fraud leakage, protect employees' fraudulent assets. Employees misuse assets of the enterprise for personal use.
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Prevention of over-authorization of employees
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Set up accounting system eliminates unintended mistakes or offenses from non-Compliance or misinterpretation in the accounting process
At AM Audit Group, we are the expertise