Property and construction businesses often involve significant assets, contracts, project costs, financing arrangements and accounting estimates. ST & Partners PLT provides audit and accounting services to businesses operating in property, construction and related sectors.
Areas That May Require Particular Audit Attention
Depending on the nature of the business, an audit may involve:
- Property development costs
- Construction contracts
- Work-in-progress
- Progress billings
- Retention sums
- Contract assets and liabilities
- Investment properties
- Property, plant and equipment
- Borrowing costs
- Impairment
- Revenue recognition
- Joint ventures
- Related-party transactions
- Financing arrangements
- Valuation of properties
The appropriate accounting treatment depends on the facts and circumstances of each engagement and the applicable financial reporting framework.
Understanding the Business Behind the Numbers
For property and construction businesses, understanding the underlying contracts, projects and development activities is an important part of effective audit planning. Our audit team works with management to understand the company’s business model, project structure, accounting systems and significant transactions.
Looking for a Property Development or Construction Auditor?
If your company operates in property development, construction, engineering or related activities and requires an auditor, contact ST & Partners to discuss the company’s business and reporting requirements.
We can assess the expected audit scope based on the company’s latest financial statements and management accounts.