audit of Road contractor????

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CA Lokesh Pokharna (Querist)
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28 August 2010 can anyone tell me good audit procesure n some imp. auditing aspects & areas where i need to give more attation for audit of an raod contractor.
regards

lokesh jain
thnx in advance

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 August 2010 Road construction maximum is the Govt Projects. You need to check the

1.Contract term & conditions
2.Contract price
3. Contract time duration
4. Govt, Projects if not finished with in the time limit there will a clause called Liqudity dameges ( Penalty )
5. Work has been done as per the drawings and instruction of the Contract term
6. The work have been properly cerfified by the Govt.Engineer
7. Materials purchase as per the norms of contract
8. Contractors Agreement as per the Standards by the Govt
9. Verification Running RA bills with the quantity certified by the engineer
10 Some time the payment have been released by Govt partly ,balance is considered as retention money it will be released after the period specifed in the Contract, whether that money have been followed and collected

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