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BC-Monitoring Scope of service

This publication with its first edition standards is based upon established and accepted construction and legal guidelines. Specifically, by using an audit approach in order regulate the project audits through the use of standards and regulations implemented by BCMA. These standards bridge the gap between what is required from a construction perspective, and what is required from a financial perspective.

Therefore, in addition to the previous and known quantitative approach, the BCMA is for the first time implementing a qualitative audit approach that will allow for a scalable evaluation to the audit results.

 

 

Phase 1
Design and Preparation Phase

I. Organisation
The legitimacy of the project and its organization is analysed by the BC-Monitor in order to ensure consistency and effectiveness by means of interviews, contract formulations through random samples and spot checks. These tests are to be documented by appropriate means. The analysis is then methodically and sufficiently carried through to its conclusion.
II. Risk Management
The BC-Monitor analyses and reviews the risk management system for the project by means of appropriate number of random samples and spot checks to determine the presence, viability and resilience of the implemented system. These checks are based upon the relevant customary rules for risk management within companies.
III. Costs and Expenditures
The BC-Monitor analyses the cost structure, cost estimates, as well as the quantities based upon benchmarks and then evaluates the system used for cost management using appropriate checks and balances, by means of random samples and spot checks. During this analysis he also reviews the cost interfaces between the various cost structures.
IV. Scheduling
The BC-Monitor reviews the plausibility of the schedule in terms of the significant, key and contractually relevant timelines and milestones and summarizes his analysis and findings in an appropriate overview.
V. Tender Awards / Contracts
The BC-Monitor reviews the plausibility of the tender and contract award structure in addition to the stakeholders involved in the project with regards to its feasibility and potential conflicts. All interfaces are to be checked and investigated for the cost structure and schedule, in particular for the tender and contract awards.
VI. Quality
The BC-Monitor reviews the plausibility of all quality-related documents for compliance in conjunction with the defined project objectives. In particular, the guaranteed product specifications and features are to be carefully reviewed for compliance.
VII. Insurance
The BC-Monitor reviews the significant, key, and contractually relevant insurance properties and requirements in order to achieve an overview of these requirements for the structure of project and depict them in a suitable matrix for a final evaluation.
VIII. Marketing
The BC-Monitor reviews the plausibility of the marketing plan and the significant area data. Furthermore, he checks the interfaces and their interaction within this context.
 

Phase 2
Execution Phase

I. Organisation

The essential contents of the concept, the structures and the processes of the project organization are reviewed by the BC-Monitor for compliance, implementation and effectiveness on a random sample basis.

II. Risk Management

The BC-Monitor reviews the plausibility of the risk management system in terms of relevance, implementation and completeness based upon appropriate sampling, checks and balances.

III. Costs and Expenditures

The BC-Monitor reviews the ongoing updates to the cost system and evaluates them in terms of completeness and plausibility. He uses significant figures and key indicators during his quantitative analysis of the project. Furthermore, he reviews for plausibility if the cost-related project results have been documented sufficiently in the cost system. The BC-Monitor must always keep the significant figures and the key indicators such as LTC in mind.

IV. Scheduling

The BC-Monitor reviews the plausibility of the structure and ongoing updates for the significant, key and contractually relevant timelines and milestones. He summarizes his analysis and findings graphically by means of a monitoring schedule.

V. Tender Awards / Contracts

The BC-Monitor reviews the plausibility of the material contracts in terms of the significant, key, risks and contractually relevant extracts in regards to the funded project objectives. This should occur in conjunction with the tender and contract award schedule.

VI. Quality

The BC-Monitor reviews the ongoing updates of these documents for plausibility and compliance in conjunction with the defined project objectives based on appropriate and random samples and spot checks.

VII. Insurance

The BC-Monitor reviews for plausibility based upon random sample size and spot checks as to whether the chosen insurance structure matches the current project progress and if all confirmations of policy coverage are current and active. This confirmation should if possible be confirmed from an insurance company or qualified agency.

VIII. Marketing

The BC-Monitor reviews the ongoing updates of the marketing plan for plausibility with respect to the agreed upon user requirements and in all project areas, and possible effects and consequences to the contractual loan agreements.
 

Phase 3
Project Completion and Transfer Phase

I. Organisation
The essential contents of the handover concept, structures and processes of project documentation are reviewed by the BC-Monitor for compliance, implementation and effectiveness on a random sample basis. The BC-Monitor gains an overview of the organization of the approvals and acceptances in addition to the testing and commissioning (if necessary). All available communications, notifications and conditions are to be randomly checked (spot checked).
II. Risk Management
The BC-Monitor evaluates the suitability of the hitherto practiced risk management system based upon the observed project progress and assessments in an appropriate summary manner. Other potential risks such as project handover are summarized and evaluated.
III. Costs and Expenditures
The BC-Monitor shall provide a final check as to whether all structures and standards have been complied with and whether the results reflect the actual design.
IV. Scheduling
The BC-Monitor summarizes the final phase and the project approvals and acceptances together in terms of their results and impact on the testing and commissioning of the project as well as the related transfer of liability (warranty claims) to the potential owner.
V. Tender Awards / Contracts
The BC-Monitor reviews the plausibility of the completion of the material contracts and contractual services owed and provides an overview in these regards.
VI. Quality
The BC-Monitor reviews for compliance with the defined project objectives by means of random samples and spot checks. In particular, the essential project properties are checked for compliance in conjuction with the final implementation.
VII. Insurance
The BC-Monitor reviews and reports all significant damage and coverage claims retrospectively for all events during the project. Special attention is to be given from the transition phase into the operating phase of the project.
VIII. Marketing
The BC-Monitor reviews for fulfilment of the significant and key contractual obligations during the project completion handover from the user perspective with regards to the marketing plan if required.