Construction audit is an independent assessment of technical and financial performance of an investment project in construction. The purpose of construction audit is to provide the client with objective information regarding the progress of a project or its individual stages. Construction audit enables a fair assessment of implementation costs, a forecast of possible budget correlation, as well as prediction of undesirable events connected with substandard process management, defaults on deadlines and scope, and misappropriation of investments. MEF-Audit offers its clients professional services and qualified assistance at any stage of an investment project.
For raising funds from partner banks
MEF-Audit partners with leading Russian banks in the field of construction audit and financial and technical supervision over investment projects. We have completed over 50 projects for VTB Bank, Sberbank of Russia, Russian Agricultural Bank, Rossiysky Capital Bank. These operations are regulated by the banks’ investment services; the scope of work, goals and objectives of the audit are detailed in standard terms of reference.
We guarantee full compliance of the quality of our services with both the terms of reference of the investor bank and the client’s expectations. We also advise potential borrowers on banks’ terms and conditions, documents required, and potential risks.
For private investors and public funding
An irreplaceable tool for budget planning and monitoring of production times and project financing at every stage of implementation.
Our objectives at the pre-design stage:
- We will help you compile a realistic budget for your project, based on your available data and our specialists’ experience.
- We will analyze your estimates for conformity with the market situation and standard rates.
- We will prepare a recommendation on the initial planning permissions required to commence construction.
- We will provide essential help in selecting and hiring contractors, including through tenders. We will review the terms and conditions of your contracts.
- We will identify possible project risks and provide an exhaustive list of measures to mitigate them.
Our objectives during project implementation:
- Independent monitoring of the project progress and performance of obligations by the client and contractors.
- Unbiased assessment of:
- compliance of initial planning permissions and design and estimate documentation with the applicable law;
- consistency of investment project performance with initial planning permissions and design and estimate documentation;
- terms and conditions of existing contracts;
- cost of works performed;
- adequacy of funds on the budget balance for the successful completion of the project;
- work progress rate;
- volume and adequacy of financing;
- quality of process management and quality assurance;
- qualification of all project parties;
- adequacy and quality of as-built documentation.
- Calculating the exact cost of additional financing.
- Preparing recommendations on optimizing the process to mitigate risks of budget overruns and missed deadlines.