Fundamentals of Construction Auditing
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Audits usually make the person think of a financial audit to the exclusion of many other types and other valuable audit applications. This session is designed for the owner of a construction project to make them aware of and provide an understanding of the audit process. It will explain why audits are critical to owners of projects, supply manager and contract professionals. The session will teach you how to create an effective plan for the audit planning horizon. It also shows the managers where and how fraud can and does occur in areas and how that could be costing you and your company large amounts of money. It will identify the pros and cons of audits in construction and connected with other major contracts.
We are often concerned with and desire to validate that we are on budget and on schedule for major construction projects since this is the report that is requested by senior management on almost a weekly basis. Seldom do we perform an audit just to conduct an audit.
The primary reasons for audits revolve around three primary aspects:
First. is to validate the project is in compliance with the identified contractual requirements.
Secondly, we can employ an audit to validate that the monies spent are in accordance to the rates, standards, milestone and activities as contracted.
Third, we often utilize an audit process to determine if there are issues with the contract from failure to comply with contractual requirements.
This session will introduce the participants to the myriad of audits available to professionals to assist them in better ensuring conformance, compliance an auditable process and best practices in contract and project management. Many of the other types we can employ are worker’s pay, rental equipment, overhead rates and multipliers, compliance, risk management, project management, purchasing, materials, cost tracking, manpower, subcontractor, representations and certifications, forensic, safety, and IT. Disaster recovery and close to thirty others will be shared and discussed.
At the conclusion of this course, participants will be able to:
- Describe the audit process
- Recognize why we must audit construction contracts
- Contrast the advantages and disadvantages of audits
- Identify what we should be auditing for
- Create an audit plan and schedule
- List a variety of audit types which could be applicable to construction contracts
Who should attend
This program is targeted towards buyers, contract administrators, project managers, or anyone who is charged with oversight of a construction project.