Introducing assurance services at SME

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SME now has an assurance services division, headed by Shelley Keery. She’s working alongside the SME team to help those in the construction industry – one of our speciality areas – make sure they’re getting full value from their contracts.

Assurance services can help out in several different areas, including:

Subcontractor reviews

Are your subcontractor contracts reflecting fair risk allocation between the parties? Are they meeting the NZS3910:2013 Standard? We review your project subcontractor files and make sure everything is correctly aligned.

Plant and vehicle rates

We can review your plant and vehicle rates to check that additional charges and margins aren’t being introduced – and make sure the plant and vehicles are being used as agreed. Are the rates you’re being charged correct or are you overpaying compared to what’s been agreed?

Payment approvals and bank reconciliations

You need robust controls over cash management and banking activities. Our team will review your policies and processes to highlight any weaknesses that could expose your organisation to fraud or overpayment.

Salary and wage rates

Are the correct salary and wage rates being charged to projects?

We’ll review the proposed uplift percentage applied to employees’ base rates covers paid time off and statutory on-costs and liabilities and no additional costs are being included. We can also review annual remuneration increases to ensure the correct rates have been calculated.

Time tracking software

Checking the ways time-tracking software is used can be time-consuming. We can review and assess that timesheet data is correctly being integrated into your financial system.

Internal audits

Internal auditing is an objective assurance and consulting activity designed to add value and improve an organisation’s operations.  By outsourcing your internal audits, you can reduce costs and free up capital so your organisation can focus on your core business. With our extensive experience, we can delve deeper and deliver more by conducting specialist audits for particular areas in your organisation on an “as needed” basis.

Establishment audits for organisations entering cost-plus contracts

We review the methodologies and processes for costs being claimed align with the terms of the cost-pus contract.  We will also confirm that the agreed margin fairly reflects actual overhead costs and business as usual profit levels.

Monthly claims for cost-plus contracts

We review the monthly progress claim for payment and ensure they are being made in accordance with the contracts and agreements with a focus on cash neutrality for all parties. We’ll look for cost over-runs, ensure reimbursement of costs are project related and do not contain any margin, and the process is transparent to all parties.

If you would like to get a quote on assurance services, email Shelley at shelley@smefinancial.co.nz or phone us on 09 366 7025.