Kindly suggest key areas to be reviewed during Internal audit of a construction company located in Gulf region having multiple running projects.

Projects Quality Plan

Projects HSE Plan

Reporting procedures

Control of projects' records and documents

Actual company procedures against approved procedures

It would be better to review:

-new contracts entered during the financial period

-old contracts revenue recognition criteria

-cost and expenses allocation as per proper criteria

-contracts status idle or running and accordingly checking the cost allocation

-any possible penalty, fine due to contract delays on part of company

-Onerous contracts identification process is active or not

-risk analysis

-proper segregation of duties in finance and cashiers section etc.