Special review of construction sites

  • Audit

Construction company

As part of the closing of its year-end accounts, our client, a construction company based in France and abroad, asked us to carry out a special mission to review certain specific sites whose follow-up was made difficult due to staff movements.

Our client’s objective was to obtain:

  • an assessment of the risk relating to invoicing in progress (invoices yet to be issued) in view of the application of the percentage of completion method;
  • a trend on the billing and cash collection schedule;
  • a critical review of the estimated end-of-business margins on these projects.

Altermès was chosen for this assignment because of the expertise of its partners in the review of long-term contracts in France and internationally.

Scope of the site review mission

For each case selected, we performed the following due diligence:

– Review of contracts and amendments
– Analysis of the context, the stakes and the planning with the project manager
– Review of budgetary control, committed expenditure and outstanding commitments
– Review of billing and MEF calculation
– Review of trade receivables
– Review of advances received

Course of the site review mission

Our work was carried out at several client sites as well as by videoconference. We spoke mainly with the managing director, the financial director and the business managers. Altermès was able to mobilize very quickly to meet the deadlines required by the client. The mission lasted 5 days / men and was the subject of a restitution presented 10 days after the initiation of the request.

A summary meeting was held at the end of our intervention to present the results of our work. A feedback document was also sent to management.

Result of our intervention

Our intervention allowed us to highlight and bring to the attention of management :

  • significant adjustments to the accounts;
  • and risk areas to be monitored in the short and medium term.

The intervention of an independent third party specialist in the construction sector enabled the management to draw up its annual accounts on the basis of a precise assessment of the risks and stakes borne by its construction sites.

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