Final Account Preparation in Construction Industry: Competencies and Challenges of Quantity Surveyors

Abstract

Final account in a construction project is prepared to show the final cost of the project that has been completed by a contractor. Preparation of the final account involves reporting the final cost of construction works, and it is one of the services that must be provided by quantity surveyors. Quantity surveyors display their competencies in preparing a final account by producing the certificate without being disputed and in a timely manner. However, issues and problems usually occur when rolling the final account, often related to quantity surveyors’ competencies. This paper aims to study challenges faced and competencies displayed by quantity surveyors in relation to the final account preparation. An extensive literature review of previous research and content analysis of court cases reported in the Malayan Law Journal were conducted to identify challenges and competencies of quantity surveyors in preparing a final account. In addition, a questionnaire survey was conducted among quantity surveyors to elicit their agreement on the issues and required competencies during the final account preparation. Three categories of issues pertaining to the final account preparation were observed: contractor-related; management-related; and contractual-related issues. This research also revealed six categories of competencies required in a final account preparation: procurement; quantification and costing; project finance control; contract administration; construction practice; and teamwork. Correlation analysis conducted shows that management related issues are likely to occur due to low competencies displayed by quantity surveyors during the preparation of the final account. This research is expected to provide the knowledge related to the preparation of the final account by quantity surveyors, leading to a more satisfactory construction project deliverance.