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In order to support the growing business, most companies often encounter the need to invest in additional infrastructure, be it in new facilities or expanding current facilities. As these construction projects involve huge sums of capital expenditure, there is a critical need to safeguard the company's investment by ensuring that construction projects are well-controlled as with any business operations. Both internal auditors and project teams need to be equipped with the right capability and tools to design and execute construction site audits and consults commensurate with the risks involved.
This program provides a basic understanding of Construction projects auditing principles and tools both for auditors as well as non-auditors with internal control responsibilities. The methodologies include a combination of lectures, case studies and discussions to provide a comprehensive learning process.
This is intended to be a basic* overview course to help get internal auditors started on construction project audits. This is also applicable to anyone who is simply interested in the construction process – whether on a large-scale (such as when you are handling a big project) or on a smaller scale (such as when you are planning to build your own home).
Topic 1 - Construction Audit Overview
- Common Construction and Related Risks
- Basic Construction Terms
- Project Size and Complexity
- Audit Perspective
- Construction Project Types
- Types of Construction Agreements
Topic 2 - Construction Audit Execution
- Types of Construction Audits
- Audit Timing
- Choosing the Right Project to Audit or Audit Prioritization
- Planning & Conducting the Audit
- Project Financials in relation to Audit Scope
- mproving Audit Efficiency thru Information Technology
- Audit of Design and Architectural Costs
Topic 3 - Auditing Construction Processes, Policies, Procedures & Controls
- Project Progress Monitoring
- Contractor and Subcontractor Bidding and Award Process
- Contingency Funds Control
- Construction Polices & Procedures
- Project Closeout Process
Date and Time: April 22, 2022 | 9am - 5pm
April 23, 2022 | 9am - 12noon
