We carry out Project Monitoring for banks and financial institutions, covering the aspects of Project Progress and Cost Audits, and Draw-down Certifications.
We carry out Project Monitoring for banks and financial institutions, covering Project Progress and Cost Audits, and Draw-down Certifications.
Monitoring are carried out on the following:
Project Progress and Cost AuditsThis involves an independent assessment of:
- Project status in terms of the value of work done.
- Financial position of the construction project where the value of work executed is compared to the loan drawn-downs to-date.
- Audit on the cost required to complete the project.
- Viability appraisal of the anticipated total construction cost and proposed bank loan commitment and payback period.
It is important that project loans are effectively channeled to the projects for which the loan was requested and approved in the first instance.
All purchase funds received should be offset against the loan pay-outs and not used on other non-performing projects.
We provide draw-down certifications to banks on construction loans stating the following:
- Total project cost and anticipated total project cost.
- Total value of work completed to-date and to be completed.
- Total disbursement from draw-downs made to-date.
- Sufficiency of balance of loan facility to fund balance of work to be completed.
- Amount of draw-down recommended for disbursement.
Countries providing the services:
- China & Hong Kong
- South Korea