The challenge facing the construction sector is that, regardless of the economic climate, contracting can be precarious. The lethal cocktail of low margins and high risks means even the largest firms can find themselves just a few contracts away from slipping into the red.
The fall-out from Carillion has been well documented; add to this the recent profit warning from Kier, and Interserve going into administration and the construction industry looks a very risky business.
Yet, there are profits to be made when construction companies and clients get it right through project selection based on their ability to deliver, responsible tendering, diligent monitoring and a proactive attitude to deal with issues such as cost and timetable overruns.
Join us and experts from MHA MacIntyre Hudson, the Royal Institution of Chartered Surveyors and Specialist Engineering Contractors' Group to hear how you can offset some of the inherent risks in the complex construction projects your organisation undertakes. Pose your questions to the panel, gain insight and share your experiences with your peers.
Key discussion areas:
Initiatives which the accounting profession should support
Attending the launch of the Real Estate & Construction Community is an excellent way to begin to rebuild confidence in the construction sector and to build your network of influential contacts. There is no charge to attend this event and there will be a drinks reception at the end
You must be a member of the Construction & Real Estate Community to attend, there is no charge to join. Click the 'Book here' button to become a member and reserve your place in one go.
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Chair’s Opening Remarks David Franklin, Director, Communities, ICAEW
Opening remarks from headline partner MHA MacIntyre HudsonBrendan Sharkey, Head of Construction & Real Estate, Partner, MHA MacIntyre Hudson
ICAEW Construction Audit Insights ReportPhil Joyce, Managing Director, The Orange Partnership
Specific project issues identifiedAccountants in industry and the profession are under fire for a string of failures in the construction sector and need to restore their reputation in the face of pressure from government and others. Revisiting what makes construction a higher risk sector than others is the start to this process and understanding how to address and reduce those risks is the key to accountants improving the performance of the sector. These involve addressing the highly fractured supply chain within construction and its funding inter-relationships, understanding the vital link between quantity surveying and accounting and looking at some of the ethical challenges of accounting for uncertain outcomes when set against external pressure for positive results.Mike Thompson, Board Member, Specialist Engineering Contractors’ Group
QS IssuesQuantity surveyors sit at the financial nexus between winning work and successful delivery. Effective organisational integration between QS’s, project managers and accountants is essential in contracting firms to manage tight resources and produce viable margins. What are the issues for QS’s in this project environment? What standards and hard and soft competencies are required and how can they be improved? How could this produce better reporting for senior management and more timely decision-making? Finally, what wider construction industry initiatives may also be relevant here and what effect might they have? Alan Muse, Global Director of Built Environment, RICS
Iain Wright, Director for Business and Industrial Strategy, ICAEWIain Wright trained as a Chartered Accountant and worked at Deloitte and Touche from 1995-2003. He was elected as the Member of Parliament for Hartlepool in 2004 and served in this capacity until 2017. Iain served as Parliamentary Under-Secretary of State for Housing and Planning in the Department for Communities and Local Government from 2007 to 2009 and Parliamentary Under-Secretary of State for 14-19 Reform and Apprenticeships between 2009 and 2010 in the Gordon Brown Government. Between 2011 and 2015 he was the opposition spokesman for Industry. From 2015- 2017, Iain was the Chairman of the Business, Innovation and Skills Select Committee.
Brendan Sharkey, FCA, Head of Construction & Real Estate, Partner, MHA MacIntyre Hudson
Brendan has over thirty years of dedicated service to MHA MacIntyre Hudson, Brendan has worked with a wide range of businesses including quoted companies, as well as owner managed businesses from a large cross section of sectors. His primary focus is on business assurance where he believes audits should provide value and a platform for good advice. Brendan's aim is to understand a client's goals and help them achieve them. He believes that everyone is capable of change and the key is to create or uncover the desire to do so.
Alan Muse, Global Director of Built Environment, RICSAlan has over 30 years’ experience in construction, specializing in the project and cost management of schemes up to £4 billion. Overseas experience includes spells in both the Middle East and East Asia. Since joining the RICS in May 2011, Alan has been involved in all aspects of the RICS response to the UK government construction strategy. Also, he leads international construction and BIM initiatives within the RICS including the development of skills, training and guidance for RICS members. Finally, as a Global Director in Professional Groups he liaises with Chartered Surveyors on general matters of international standards development, international construction policy and global education and training.
Mike Thompson, Board Member, Specialist Engineering Contractors’ Group Mike worked for 25 years as FD and MD of medium and large sub-contracting companies in the electrical and communications side of the construction sector, having also previously audited several construction companies in the UK and overseas. He currently sits on the board of the Specialist Engineering Contractors’ Group. The group represents the interests of 60,000 firms employing over 300,000 people providing over 35% of the value of construction work in the UK and is very active in efforts to improve the payment environment on the security of payment through the supply in construction chain.
Phil Joyce, Managing Director, The Orange PartnershipPhil Joyce is the Managing Director of The Orange Partnership, a Chartered Accountancy practice he set up 14 years ago with his partner Darren Ward to provide specialist accounting and forensic audit services to the construction sector. Over the years he has developed a unique concentration of expertise in audit and commercial knowledge which he uses to help clients delivering major construction programmes. Through The Orange Partnership, Phil has worked on contracts of between £0.5m and £40bn to provide clients with confidence that they are receiving value for their spend and not being exposed to unnecessary risks.
Headline partner MHA MacIntyre Hudson
In partnership with CABA
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