SOE Hooks 1.0 Flashcards
What is included in the Rules of Conduct as updated in 2022
Rule 1: Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
Rule 2: Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise
Rule 3: Members and firms must provide good-quality and diligent service.
Rule 4: Members and firms must treat others with respect and encourage diversity and inclusion.
Rule 5: Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession
What is the RICS CPD policy?
Each member has to complete 20 hours of Continual Professional Development every year.
You must complete 48 hours per year as an APC candidate
What was included in the 2022 rules update?
Provides behavioural example for each rule of conduct.
It expaned and gave greater focus on diveristy and inclusion
What is in the RICS global professional and ethical standards?
Hon - Comp - Law - Conf - Promo
Acting with honesty, integrity, and in the best interests of clients.
Maintaining professional competence and knowledge.
Complying with applicable laws, regulations, and professional standards.
Protecting client confidentiality and handling conflicts of interest appropriately.
Promoting and upholding the reputation of the profession.
What is your overarching role as a PM
To manage the project team, and drive the successful compeltion of the project and its objectives
What is included in you PM scope of series
1) Establish & Attend meetings and record outcomes.
Project procedures and protocols. Draft the PEP.
Review and recommend payments. Create and monitor programme. Manage change control.
Prepare and maintain project risk register.
2) Coordinate the project brief and design
3) Manage planning and consents
4) Manage and lead the procurement process
5) Monitor construction / administer the building contract.
6) Provide advise on financial issues e.g implications of developing different sites/programmes
7) Advise on contract matters (EOTs)
What do you do if a client asks you for a sevice out of your scope of services?
I would advise the client that the service is out of my PM scope of services.
I would assess if the services are within my competence before offering to extend my scope of services for a fee.
What are offences under the anti bribery act 2010 / RICS guidance ?
You must not:
GIVE Offering, promise, or give a bribe.
RECIEVE Requesting, agreeing to receive, or accepting a bribe.
Bribe a foreign public official.
Fail to prevent bribery by individuals or organizations associated with a business.
Where do you register gifts and hospitality?
Any details?
In G&Ts gifts and hospitality register
What is G&T’s policy on gifts and hospitality?
The limits for the UK are set out in the G&T AB policy £100 for personal expenditure, and £250 maximum for groups of 2 or more (i.e. not £100 per person)
Everything else requires delegated authority
What are the general offences under the bribery act
Offering, promising, or giving a bribe.
Requesting, agreeing to receive, or accepting a bribe.
Bribing a foreign public official.
Failing to prevent bribery by individuals or organizations associated with a business.
What are the 6 principles of the Bribery Act?
PP - Top - Risk - DD - Comms - Mon
- Proportionate procedures - The procedures taken by an organisation should be proportionate to the risks it faces and the nature, scale and complexity of its activities. A small organisation would require different procedures to a large multinational organisation.
- Top-Level Commitment - The top-level management should be committed to prevent bribery and foster a culture within the organisation in which bribery is unacceptable.
- Risk Assessment - Organisations should assess the nature and extent of its exposure to risks of bribery, including potential external and internal risks of bribery.
- Due Diligence - The organisation should apply due diligence procedures in respect of persons who perform services for – or on behalf of – the organisation in order to mitigate bribery risks.
- Communication - The organisation should ensure its bribery prevention policies and procedures are embedded and understood throughout the organisation through internal and external communication, including training, proportionate to the risks it faces. Communication and training enhances awareness and helps to deter bribery.
- Monitoring and Review - The organisation should monitor and review procedures designed to prevent bribery and make improvements where necessary. The risks an organisation faces may change and, therefore, an organisation should evaluate the effectiveness of its anti-bribery procedures and adapt where necessary.
What is your complaints handelling procedure?
Once received I will provide written acknowledgement within 7-days.
I will notify my project Partner and Company Secretary & Governing Counsel Imelda Moffet, who will log this within the Complaints Handling Log.
I will notify G&T’s PII insurer ‘Marsh’
I will provide a formal written response within 28 days.
- If resolved G&T will undertake an internal audit in order to prevent the issue from reoccurring.
- Following this, then the Company Secretary & Governing Counsel will update the Complaints Handling Log based on this outcome.
However, if the complaint is still unresolved then an independent redress provider would review this such as the RICS Dispute Resolution Service.
How did you maintain tender confidentiality (L3 ethics)
1) I advised their legal team should draft an NDA
2) signed by tendering parties before beginning tender process
How did you resolve the issue of a tendering contractor received info which created a competitive advantantage. L3 Ethics
1) Redistrobuted info to all
2) advised my cleint who confirmed they were happy for tender to proceed
3) copetitive advantage was eliminated
Before assisting clients with appointments I…?
/
If do you do if a client asks for advice on PI
will notify the Client that advice on level of insurance to be provided is outside of my scope of services and advise they should consult their legal advisors and insurers on the topic.
What is a conflict of intrest?
it is a situation where your duty to someone is potentially compromised by the fact that you have a material interest at stake in the matter.
When there is doubt about your ability to make an impartial decision.
What are the three types of conflicts of intrest defined by the RICS?
3 types of conflict of interest:
- PARTY CONFLICT: situation in which the duty of an RICS member (working independently or within a nonregulated firm or within a regulated firm) or a regulated firm to act in the interests of a client or other party in a professional assignment conflicts with a duty owed to another client or party in relation to the same or a related professional assignment
- OWN INTEREST CONFLICT: situation in which the duty of an RICS member (working independently or within a nonregulated firm or within a regulated firm) or a regulated firm to act in the interests of a client in a professional assignment conflicts with the interests of that same RICS member/firm (or in the case of a regulated firm, the interests of any of the individuals within that regulated firm who are involved directly or indirectly in that or any related professionalassignment)
- CONFIDENTIAL INFORMATION CONFLICT: a conflict between the duty of an RICS member (working independently or within a non-regulated firm or within a regulated firm) under paragraph 2.2 to provide material information to one client, and the duty of that RICS member (working independently or within a non-regulated firm) or of a regulated firm under paragraph 2.1 to another client to keep that same information confidential.
Is advice on level of professional indeminity covered by G&T’s PI cover
No it is not
What is professional indemnity insurance?
Professional indemnity insurance covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual.
What’s is a any one claim policy for PII?
An any one claims limit – also known as a per-occurrence limit – reflects the maximum amount an insurer would pay out for an individual claim.
I.e. if a limit is 1 mil, you can have 2x 700k claim in the period.
What is aggregate PII cover?
an ‘aggregate’ policy provides cover up to the full limit for all claims made in the period of insurance.
What is retoractive PII cover?
This policy covers claims that are first made against the insured during a period of insurance regardless of when the negligent act occurred.
If the retroactive date of the policy is stated as ‘none’ then the policy is fully retroactive and all former works carried out by the firm will be covered.
Tell me about Merrett V Babb 2001?
- Babb completed a valuation as an employee of a company for a house purchased by Merrett
- The valuation was later found to be negligent
- The original company no longer existed and the PII polcy had been cancelled
- The court ruled Merrett Could pursue the individual (Babb) for losses.
What are the minimum limits of professional indemnity insurance?
Firm’s turnover In the preceding year vs Minium limit of indemnity
£100,000 or less - £250,000 PII
£100,001 to £200,000 - £500,000 PII
£200,001 and above - £1,000,000 PII
What are the maximum level on unisured excess
Firm turnover vs Maximum uninsured excess
£10,000,000 or less - The greater of 2.5% of the sum insured, or £10,000
£10,000,001 and above - no limit set
If you make an error, what would your insurance company expect you to do next?
- Notify them at your earliest opportunity
- Comply with any conditions and procedures set out in the insurance policy
- Advise the client of the error.
- Assess the level of mistake and take steps for correcting.
What is professional indemnity insurance run off cover?
Run-off’ is a form of PII which covers the historic liabilities of a business after it ceases to trade.
‘Legacy issues’. The RICS expects run-off cover to be maintained for a minimum period of six years from the cessation of the practice.
In sumamry, what are the RICS bylaws
The RICS Bye-Laws provide the power for Head of Regulation and Regulatory Tribunal to make disciplinary and regulatory decisions including issuing disciplinary penalties and costs. Those decisions are made in accordance with the Rules and guidance created by the Standards and Regulation Board.
Specifially, what are the RICS by laws?
1) Application and definition of the bylaws
2) Membership and registartion laws
3) Designations rules
4) Contibutions and funds
5) Professional Conduct
6) Governing council
7) Boards committees and groups
8) Procedure for general meetings
9) Accoutning and audits
10) General (RICS properties, trustees, contracts, dissolution.
What are formal communciation systems?
Directories
Change control procedures
Note important to keep current and redistribute
What is your complaints handelling procedure?
Once received I will provide written acknowledgement within 7-days.
I will notify my project Partner and Company Secretary & Governing Counsel Imelda Moffet, who will log this within the Complaints Handling Log.
I will notify G&T’s PII insurer ‘Marsh’
I will provide a formal written response within 28 days.
- If resolved G&T will undertake an internal audit in order to prevent the issue from reoccurring.
- Following this, then the Company Secretary & Governing Counsel will update the Complaints Handling Log based on this outcome.
However, if the complaint is still unresolved then an independent redress provider would review this such as the RICS Dispute Resolution Service.
Why is important to define scope of services and communciate this to you client?
To Inure we are aligned on the limits of my appointment and Professional Indemnity insurance.
Dealing with complaint and adressing issue
Example: Noise complaints
I organised workshops with the Main Contractor to identify work that could be moved out-of-hours. I advised my Client of any activities that could not be sequenced so they could communicate the disruption to their stakeholders.
I report to my clients weekly, why is this important and what are you assessing?
Strategic and Construction Dashboards. I will assess KPIs and advise on their health, and outline any mitigation strategies to address the risk if raised I will also report on team performance and stakeholder interfaces with upcoming programme activities.
Are you aware of any guidance published by RICS in association with complaint handling?
- RICs Guidance Note on Complaints Handling published July 2016
- Guidance Note on complaints handling states that the CHP should:
o Be fit for purpose
o Be made available and understood by all staff
o Be shared with complainants or potential complainants
o Be regularly reviewed and updated
o Be agreed with PII brokers so that they do not compromise cover
o Provide details of the independent redress if the firm cannot resolve the complaint
What are the Principles of Client Care?
- Understanding the Client’s objectives
- Establishing your scope of services and the fee for doing so
- Deliver work to a high standard
o Myself, my firm, the RICS and the profession as a whole
o Act within your level of competence - Appropriate behaviour
o Being courteous, punctual and professional
o Adhere to the RICS ethical and professional standards - Clean lines of communication
o Regular meetings and updates
o Establish a transparent, trustworthy and open relationship
How do you build trust with the Client?
- Regular and transparent communication
- Act within the best interest of the client
- Meet deadlines/expectations
What RICS guidance note sets out Client Money Handling?
Client Money Handling Professional Standard 2022
How does the Client Money Handling Professional Standard 2022 set out requirements for holding client money
- Hold all money in a client account over which the RICS-regulated firmhas exclusive control at a bank or building society authorised by the relevant banking regulatory body
- ensure that a client money account does not contain any sums other than the whole or
any part of client money paid into it, or any sums needed to replace money that has been
withdrawn from the account by error, with accrued interest on such amounts - not hold office money in a client money account unless it is a receipt of mixed monies
where the office money is awaiting transfer - ensure that all client money accounts include the word ‘client’ (written in full) and the
name of the firm in the title of the account, and that discrete client money accounts
include an identifier (e.g. the client or property name) in the title of the account to easily
distinguish it from other accounts of the RICS-regulated firm - ensure that money held in a client account is immediately available even at the sacrifice
of interest, unless other arrangements are in the best interests of the client and the client
has given express instructions in writing - ensure that where a client requests that money is held in an account to which it and the
firm has access, this is a bank account set up by the client, not a firm bank account.
What might be included in a G&T/ consultant fee proposal?
- Covering letter
- Scope of service
- Fee proposal
- Resource Schedule & CV
- Terms and Conditions
- PI cert
- Complaints handling
- Assumptions and exclusions
What would you class as your client?
- Any person, firm, trust, body corporate or other organisation that is a client of an RICS-regulated firm.
- An individual who hires us for our professional services
What are the different types of communication there are?
• Verbal – face to face, telephone, Web conferenceing (teams), Listening
• Written – email, letter, report
• Presentations – a mixture of verbal and written/graphic
Can you give an example of where you have had to communicate a difficult message from working experience & how you have approached this?
Talking to a client about being overbudget. It is important to be honest and upfront with the client while also providing solutions to the issue in a clear and cut manner
How do you practice good communication skills?
Depends on the method of communication:
Verbal - By being clear, straight to the point and personal
Written - Ensure Grammar is correct and the email, letter or report is well structured - You could get another person to comp check it.
Presentation - Making sure that you know what are you going to say to a client prior to presenting or discussing a matter with the client
What is a negotiation?
A discussion aimed at reaching an agreement
How would you prepare for and act in a negotiation?
I would ensure I understanding my own and clients position on the negotiation. For a negotiation, it is best to meet in person if possible. Both parties should explain their position and discuss and differences there are before coming to an agreed position.
I would insure only the relevant parties are invited to the negociation
What are the 5 levels of disagreement?
Discomfort
Incidents
Misunderstanding
Tension
Crisis
What is a ‘non-starter’ offer?
Unacceptable demand. A request that is completely against what the other side wants so it won’t even begin a
negotiation
What is an ‘insult zone’ offer?
An offer which offends. The recipient of an insulting offer is likely to conclude that its interests are better served by following its Best Alternative to a Negotiated Agreement (BATNA). In most cases that means walking away and continuing with an expensive and time-consuming litigation
What is a ‘credible’ offer?
An offer that is outside of the Zone of Potential Agreement (ZOPA) but may still be regarded as tolerable by a
recipient
What four ways can you make an opening offer?
High or low, soft: this involves the offer of a high price, but with a hint of willingness to negotiate; or the offer of a low price, but the indication of a willingness to increase. These offers will be just inside the insult zone, but will elicit questions for clarification from the other side, on which negotiations can build.
Reasonable firm: this will be received as an opening offer if credibility has previously been established. It can also be used to close down an element of the overall deal. It is often more acceptable from more senior negotiators, and is a good way to open if you have sound, objective criteria from which to work.
No offer – start with problem-solving: this is a good technique for increasing the range of variables available to the parties.
No offer – start with silence: sometimes it’s just good to hear what the other party has to say.
What strategies can you take to overcome dealing with difficult people through negotiations?
Don’t react
Step to their side
Don’t reject the proposition, reframe it
Make it easy to say ‘yes’
Make it hard to say ‘no’
If you chair a meeting, how do you make it effective?
- Have a Agenda
- Make sure everyone is aware of the agenda prior to the meeting
- By Keeping the meeting on track and on time - ensuring you do not divert from the point of the meeting
- Also ensure that the right people are able to voice their opinion on the subjects they specialise in
- Make sure everyone is aware of the end goal of the meeting
What was discussed in your Excellence of verbal communication seminar?
Highlighted the importance of communication streams, keeping accurate records and supplying prompt issues of minutes as well as use of the RACI matrix.
I understand the importance promptly issuing minutes and actions and that issuing these documents encourages strong channels of communication.
What are hard and soft communciation skills?
Soft skills include: leadership, communication and motivation
Hard skills include qulaifications/experience
Before entering into negociations what should you do?
Agree Client objectives before negotiating on their behalf and the importance of being respectful and the skill of listening. I am aware that issues are often settled by compromise, and I am aware of the different five negotiation style.
What are the 5 negociation styles?
Compete (I Win- You Lose) …
Collaborate (I Win – You Win)
Compromise (I Lose / Win Some – You Lose / Win Some) …
Accommodate (I Lose – You Win) …
Avoid (I Lose – You Lose) …
How soon should you issue agendas and actions?
At least 48hrs after meeting
This is important to maintian project momentum
Why is it importatn to issue documents in 48hrs prior to meetings?
meeting to allow attendees to prepare. to enable collaborative discussions on its content.
What would you define as good doucment etiquette
I frequently have work peer review and check for spelling and grammar or any inaccuracies or misleading sentences.
Actions within my minutes are clearly allocated and dated for completion. I follow up on actions to ensure these actions are completed.
How do you prep for main contractor interviews?
During the Main Contractor interview I ensured I had thoroughly reviewed their tender documentation and prepared questions for each.
What are the Construction Design and Management Regulations (CDM) 2015
The Construction (Design & Management) Regulations (CDM 2015) are the main set of regulations for managing the health, safety and welfare of construction projects.
What is the role of the Health & Safety Executive?
National Independent Regulator for work-related health, safety and illness, They aim to offer free guidance and advice to support businesses to manage risks correctly.
As a QS/PM how can you influence health and safety in the construction process?
Leading by example and using all the correct PPE required for site.
Attending the site induction.
Oversee a appointment of a principal designer and monitor their progress reviewing the contractors CPP and H&S file.
What legislation is in place related to the H&S competency?
Health & Safety at Work Act 1974
What does HASAW stand for?
Health and Safety at Work (UK)
What is a risk assessment?
Liklihood of occurance / adverse effects = Risk
A risk is the likelihood that a hazard will actually cause its adverse effects, together with a measure of the effect.
How is risk defined in the Health & Safety at Work Act 1974?
Liklihood of occurance / adverse effects = Risk
A risk is the likelihood that a hazard will actually cause its adverse effects, together with a measure of the effect.
What are the main areas of risk when working on construction sites?
Working at height, moving objects, slips, trips and falls. Noise and hand arm vibration syndrome (HAVS).
What are the duties of responsibility for the Principal Contractor, Principal Designer and Employer.
CDM aims to improve health and safety in the industry by helping you to: sensibly plan the work so the risks involved are managed from start to finish
Both the principle designer and employer are liable if they are found to have not upheld these.
The client must make suitable arrangements for managing the project, including:
- Due diligence the works are reasonably practical and without risks to health and safety of any person effected by the project
- Facilities must be provided for peoples carrying out the works.
- Facilities must be maintained
Before construction works begin they must draw up a construction phase plan and the principle designer must prepare the health and safety file for the project.
The client must appoint a principle designer or fulfil the duties themselves
Who are the key duty holders under CDM?
Commercial clients - Organisations or individuals for whom a construction project is carried out that is done as part of a business
Domestic clients - People who have construction work carried out on ther home (not onbehlaf of a business)
Designers - Organisations or individuals who as part of a business, prepare or modify designs for a building, product or system relating to construction work.
Principal designers - Must be appinted by client in projects involoving more than one contractor.
Principal Contractors - Contractors appointed by the client to coordinate the construction phase of a project where it involves more than one contractor.
Contractors – Those who carry out the actual construction work, contractors can be an individual or a company.
Workers – Those working for or under the control of contractors on a construction site.
What are the duties of a client under CDM
The client must make suitable arrangements for managing the project.
- Other duty holders are appointed as appropriate
- Sufficient time and resources are allocated to the works.
- Relevant information is prepared and provided to other dutyholders
- The principal designer and principal contractor carry out their duties
- Welfare facilities are provided
What are the contractors duties under CDM
They are appointed in writing by the client (commercial or domestic) to plan, manage, monitor and coordinate health and safety during this phase.
This includes ensuring standards are understood and followed.
What is the Health & Safety file?
The Health & Safety file is a document that contains information about the construction project and is required to be kept by the client.
What should the Health& Safety File include?
The Health & Safety file should include information about the construction project, including any hazards or risks that were identified, and how they were managed. Principle Designer to always update and revise the file. Hazards on site, hazardous materials being used, information on plant, and also as built drawings
Who should the principle designer pass the health& safety file onto when the project reaches completion?
The principal designer should pass the Health & Safety file onto the client when the project reaches completion.
What are the duties of the Principal Designer under CDM.
Plan and monitor H&S pre con
Advise the client and design team on H&S issues
Ensure all parties communicate and coordinate their design
Liaise with the Principal contractor on H&S matters.
- Plan, manage, monitor and coordinate health and safety in the pre-construction phase. In doing so they must take account of relevant information (such as an existing health and safety file) that might affect design work carried out both before and after the construction phase has started
- help and advise the client in bringing together pre-construction information, and provide the information designers and contractors need to carry out their duties
- work with any other designers on the project to eliminate foreseeable health and safety risks to anyone affected by the work and, where that is not possible, take steps to reduce or control those risks
- ensure that everyone involved in the pre-construction phase communicates and cooperates, coordinating their work wherever required
- liaise with the principal contractor, keeping them informed of any risks that need to be controlled during the construction phase
Under CDM, who must make suitable arrangements for managing a project, including the allocation of sufficient time and other resources?
The client must make suitable arrangements for managing the project.
- Other duty holders are appointed as appropriate
- Sufficient time and resources are allocated to the works.
- Relevant information is prepared and provided to other dutyholders
- The principal designer and principal contractor carry out their duties
- Welfare facilities are provided
When is a project notifiable to the HSE under CDM regulations?
A project is notifiable to the HSE if it is expected to last more than 30 days and involve more than 20 workers on site at any one time, or exceed 500 person days of work.
What is the F10 notification?
The F10 notification is a form that must be submitted to the HSE before construction work begins on a notifiable project.
Who issues F10?
The client issues the F10 notification, unless a principal designer is appointed. In which case the PD will issue the notification.
What does RIDDOR stand for
Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013
What are reportable injuries for RIDDOR
1) Death
2) Specified injuries to workers (fractures, amputations, perminant loss of signt, crush, serious burns, scalping, loss of conciousness, enclosed space injuries.
3) Over-seven-day incapactation of a worker
4) Over-three-day incaacitiaon of a worker
5) Non fatal accidents to members of public
6) Ocuupational diseases
7) Dangeros occurrences
8) Gas incidents
What is included in the Surveying Safely RICS guidance.
It sets out basic, good practice principles for the management of health and safety for RICS regulated firms and members.
It sets out principles for those engaged in the built environment as property professionals and includes health and safety responsibilities.
What Is set out in the RICS surveying safely guidance note
Personal responsibilites: individuals have the necessary skills, knowledge,
training and experience to carry out these tasks
Individual reponsbilities include: Performance (being competent to perform thier work). Control (being prepared to work within designates systems of work). Adaptability (being able to recognise and adapt to changing circumstances). Vigilence (remianing vigilent at all times to safty of you and others). Awareness (of your/others limitations). Teamwork
Organisational responsibilities: Selection (of competent staff). Training, information, equpment, safe systems of work, clear instructions, supervision, PPE.
Safe person concept: a ‘safe person’ to mean that each individual assumes individual behavioural responsibility for their own, their colleagues’ and others’ health and safety while at work.
Corperate responsibility: time pressures, distraction/interruptions, fatigue. inexperience/lack of knowledge and complacency.
Sets out risk management and assessment criteria
Sets out standards for hygine, hazardous materials and places of work
Sets out guidance for visiting sites
Section on fire safety
Section on contractor selection
How many types of asbestos are there?
6 types - chrysotile, actinolite, amosite, anthophyllite crocidolite and tremolite
chrysotile is the most common - soft fibers
What are the conditions that would make a project notifiable?
The client must notify the HSE if the construction work on a construction site is scheduled to—
(a)last longer than 30 working days and have more than 20 workers working simultaneously at any point in the project; or
(b)exceed 500 person days.
Before entering a site, what do you need to ensure?
PPE is provided.
That I have a valid CSCS card.
Safe routes are established
RAMs etiquette?
I ensure they are submitted least 1 week prior to works beginning so the Client health and safety team have ample time to review and make comments prior to works beginning.
If you spot a hazard, what do you do?
I have raised health and safety concerns if I identify any on site with the Principal Contractor’s H&S officer. On W&C, I noted a series of RAF flooring tiles were unsecured in a circulation area. I raised the issue with the site managers accompanying me and ensured the issue was rectified.
How is risk defined by Construction Design and Management Act 2015?
Liklihood of occurance / adverse effects = Risk
A risk is the likelihood that a hazard will actually cause its adverse effects, together with a measure of the effect.
What 5 steps does the HSE outline for a risk assessment?
I A C R R
Identify hazards.
Assess the risks.
Control the risks.
Record your findings.
Review the controls
What other Acts could be considered relevant to health & safety?
- Health and Safety at Work Act (HSWA) 1974. …
- Management of Health and Safety at Work Regulations (MHSWR) 1999. …
- Hierarchy of control. …
- The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR) 1995. …
- Safety Representatives and Safety Committees Regulations 1977. …
- The Licensing Act 2003.
What does the term ‘absolute’ mean in the H&S act?
If the regulation states that the duty of the person is ‘absolute’, this means that the relevant regulation must be adhered to regardless of the time, effort and cost of doing so.
Can you name items on the checklist in this publication to check the status as a leader on health & safety?
Plan / Do / Check / Act
How are you ensuring all staff – including the board – are sufficiently trained and competent in their health and safety responsibilities?
How confident are you that your workforce, particularly safety representatives, are consulted properly on health and safety matters, and that their concerns are reaching the appropriate level including, as necessary, the board?
How well do you know what is happening on the ground, and what audits or assessments are undertaken to inform you about what your organisation and contractors actually do?
What do you do to ensure appropriate board-level review of health and safety?
What is a Construction Phase Health & Safety plan (CPH&SP)?
A construction phase plan ( CPP ) must be prepared for a project before the construction phase begins
The plan must outline the health and safety arrangements, site rules and specific measures concerning any work involving the risks listed in Schedule 3 of the CDM 2015 Regulations
What are company accounts? And why are they important?
Company accounts are a financial record or summary of the business activity over the previous 12 months.
For most small companies, they will contain the Balance Sheet, Profit and Loss Statement and some notes.
They can be used to judge a companies ability and capabilities in completing a project
What is a cashflow
the inflows and outflows of cash in a business over a specific period.
It helps in planning for liquidity, identifying potential cash shortages, and ensuring that the business can meet its financial obligations.
What is a profit and loss statement?
The profit and loss account shows the revenue, expenses, and profits or losses of a business during a specific period (usually a quater of a financial year).
What is a balance sheet?
The balance sheet shows a company’s assets, liabilities, and equity at a specific point in time.
Why is it important to assess cashflow, profit and loss and balance sheets while tendering?
Assessing cashflow is important because it identifies potential cash shortages, and ensuring that the business can meet its financial obligations.
Assessing P&L statement allows you to identify areas where your business is excelling and areas that need improvement
Balance sheets assess a company’s ability to pay for its near-term operating needs, meet future debt obligations, and make distributions to owners
Why will an auditor analyse accounts?
An auditor will analyse accounts and provide recommendations relating to risk, mitigation strategies as well as cost-reduction measures. I understand the importance of determining financial stability of a supplier or contractor before appointment.
How will an auditor analyise a contractor
A financial audit of a contractor could be carried out by reviewing their
- financial statements,
- analyzing their financial ratios,
- verifying the accuracy of their accounting records and supporting documentation,
- and assessing their internal controls and risk management processes.
- The auditor may also conduct interviews with key personnel and perform site visits to verify physical assets and operations.
What is GAAP?
What are its principals?
GAAP (generally accepted accounting principles) is a collection of commonly followed accounting rules and standards for financial reporting
What are the GAAP principals?
The Cost Principle - ‘Cost’. The cost principle refers to the fact that all listed values are accurate and reflect only actual costs, rather than any market value of the cost items.
The Revenues Principal. Revenues refers to the requirement that when revenue is recognised, it is reported.
The Matching Principle. Where revenue matches coinciding expenses.
The Disclosure Principle. Disclosure entails that companies declare necessary information when reports on financial status are conducted, to whomever is undertaking the assessment.
What are the International Accounting Standards (IAS), broadly how IAS vary from National GAAP and how property is treated in an entity’s accounts prepared under IAS
The International Acounting standards promote transparency, accountability, and efficiency in financial markets.
Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life.
What is an ESCROW account?
A third party account which holds client funds before they are transferred.
What are accounting ratios?
Liquidity = High liquidity means assests can be sold quickly to pay debts
Profitability = how well a business generates profits from its operations
Leverage = utilisation of debt by business
What is included in a business plan?
/ What are the essential elements of a business plan?
A business plan is a written document that outlines a company’s goals, strategies, and tactics for achieving those goals. It provides a roadmap for how a business will operate and grow over time.
Generally tehse are over a five year period.
What types of business plan can you name?
strategic, departmental, operational, corporate
What is working capital, stock, debtors and creditors
Working capital = is a measure of a company’s liquidity, operational efficiency, and short-term financial health.
Stock represents a share in the ownership of a company, including a claim on the company’s earnings and
Debtors = individual who owes money
Creditors = individuals or entities that have lent money and need to be repayed
What are organisational structures?
A project execution plan is an organisational structure.
Organisational structure determines the assignment and coordination of roles, power and responsibilities within a business. It also defines how information flows between the different levels of management.
What methods for financial benchmarking are you aware of? (e.g. key financial ratios)
Profitability = This evaluates whether the business is making money from operation
Turnover
