Dear Khun Anupon,
Thanks for the clarifications.
My point is that is there a need to engage to property valuer to value the construction value as our payments are duly supported by (a) supporting claim documents, invoices, etc from the contractor, (b) verification from our resident architect, (c) certification from Plan Architect Co., Ltd and (d) certification from MSA GlobalWorks Pte Ltd? In other words, actual payments should represent the work done, claimed and duly supported and certified.
As regards your point on testing external expert's competency, I would like to reiterate that a QS is NOT always engaged for renovation projects. The auditors would just test based on the relevant supporting documents (e.g. invoices) and whatever certifications that the owner may have. Some owners deal with the contractor directly. No QS and consultants. No testing of external expert's competency is required as no QS or consultants are engaged. In our case, to ensure that we have adequate control over the our financial reporting, we have (a) supporting claim documents, invoices, etc from the contractor, (b) verification from our resident architect, (c) certification from Plan Architect Co., Ltd and (d) certification from MSA GlobalWorks Pte Ltd.
I fear that we are spending too much time on this matter (although we have all the supporting documents and verifications). I am really concerned with the delay in the completion of the audit.
Kind regards
George Lee