Sure, here are some of the documentation that is typically reviewed during a statutory audit For construction projects:
1. Contract documents:
This includes the construction contract, the bill of quantities, the specifications, and any other documents that form part of the contract.
2. Procurement documents:
This includes the invitation to tender, the tender documents, and the tender evaluation report.
3. Financial records:
This includes the project budget, the project accounts, and the invoices from contractors and subcontractors.
4. Timesheets and labor records:
This includes the timesheets of all employees who worked on the project, as well as any other records that document the hours work.
5. Material and equipment records:
This includes the records of all materials and equipment that were use on the project, as well as any other records that document the costs of these materials and equipment.
6. Progress reports:
This includes the regular progress reports that were submit by the contractor, as well as any other reports that document the progress of the project.
7. Meeting minutes:
This includes the minutes of all meetings that were held during the course of the project, as well as any other records that document the decisions that were made.
8. Other relevant documents:
This may include any other documents that are relevant to the audit, such as correspondence, photographs, or inspection reports.
The specific documentation that is review will vary depending on the specific project and the auditor’s risk assessment. However, the documents list above are some of the most common documents that are reviewed during a statutory audit for construction projects.
In addition to the documentation listed above, the auditor may also conduct interviews with the project team, the contractor, and other stakeholders. The auditor may also perform physical inspections of the project site.
For more information visit this side: https://www.incometax.gov.in
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