Codestone

Category: Accounting software.

Bosses overseeing large construction and redevelopment projects might be wise to ensure they have access to accounting software.

According to the Newcastle Herald, there have been significant problems during a scheme at the Ausgrid Stadium in Newcastle, Australia.

These relate primarily to a string of errors made in the accounting and budget processes – factors that could have been resolved with specialist technology.

Such problems came to light after an audit of the venue's western grandstand redevelopment was carried out.

"Given there were no finance personnel on staff until March 2011, this does provide some reason for the heavy reliance on a third party for budget preparation and monitoring," the newspaper quoted the audit report as stating.

It was extremely critical of the way financial chiefs allowed a budget deficit to run up.

The Ausgrid Stadium is the home of the Newcastle Knights and has a capacity of about 23,000, although this is expected to rise to 35,000 when the western grandstand is complete.

Posted by Jamie Rees