The role of a good claims consultant is not just to make peace or battle things out for you on the proverbial front line. It’s also to support the client and their business through the real life implications that a claim can present. When it comes to company finances, this can manifest in several ways through claims audit support.
Independent claims audit and risk assessment
Our team of claims consultants provide organisations with an independent review of finances and reports on projects to ensure:
- Check that the financial/commercial figures are correct
- Check that cash flow been properly thought through
- Confirm that the liabilities and opportunities real
- Independently evaluate the risks and opportunities against the client’s goals
This provides risk assessment and evaluation of plans and projects that can help boards to make decisions based on unbiased, experience led and fact-based investigations.
Presenting claims on company balance sheets
While finances themselves are the domain of your accountant, knowledge of their application and associated risks within the construction industry lie with a different type of independent knowledge.
Under GAAP regulations, large companies are permitted to capitalise certain claims. For the auditors to allow that when profit and loss reports are compiled at the end of the year, they must justify it under the contract where there is a claim, to show that even if monies have not yet been received, it’s been written and is going for a settlement. Our team will engage separately with auditors to explain the claim.
Construction claims is not a specialist area for auditors, and for them to do their job properly they need information presented effectively.