Tag Archives: #EngineeringProjects

How do you handle and rectify discrepancies or non-compliance found in the statutory audit of your engineering projects?

Statutory Audit of Engineering Projects Discrepancies or non-compliance found in the statutory audit of engineering projects can be handled and rectified in the following ways: 1. Identify the discrepancy or non-compliance: The first step is to identify the specific discrepancy or non-compliance. You can do this by reviewing the audit report and understanding the… Read More »

How does the Tax Audit Report process align with the financial reporting and accounting practices for the engineers?

Tax Audit Report Process The Tax Audit Report process closely aligns with the financial reporting and accounting practices for engineers, ensuring transparency, accuracy, and compliance in the financial records of engineering projects. When engineers undertake projects, they incur expenses, generate revenues and manage various financial aspects. Similarly, the Tax Audit Report evaluates these financial… Read More »

What are the key financial documents that engineers should maintain and update regularly for accurate bookkeeping?

Bookkeeping for construction Bookkeeping for lodging establishments

Financial Documents for Accurate Bookkeeping Engineers should maintain and update regularly the following key financial documents for accurate bookkeeping: 1. Invoices: Liability records show all the liabilities that the business owes. They play a crucial role in tracking liabilities and managing debt. 2. Receipts: Receipts are documents that provide proof of payment. They are… Read More »