Construction Audit Services
Our construction audit services add transparency and support contract compliance and dispute avoidance or early resolution. Construction audits allow owners to validate that they are getting what they contracted and paid for, expediting payments, retention release and final closeout for contractors.
The Value of a Construction Audit Team
Change orders on lump sum contracts, requests for equitable adjustment and potential claims can be detailed and necessitate review. Contracts may stipulate billing terms and rates, and can require a final accounting of project expenditures. Unforeseen cost overruns and delays can become significant distractions. These obstacles demonstrate the need for project audit specialists to support your organization. A project audit program can help mitigate these issues and streamline your project.
Unparalleled Construction Audit Controls
Imperium’s team includes CPAs, cost and schedule experts and project management professionals. We have experience with a wide range of contract forms, from a standard AIA agreement to modified or customized contracts. We understand project control systems and software used to track costs, schedules, changes, payments, vendors, labor and equipment. We have been retained as project auditors across a variety of projects, from commercial to government to multibillion-dollar energy projects.
Our Construction Audit Services
Detailed contract reviews provide insights into potential risks, ranging from contract billing and administration to project management actions. Our systematic approach includes developing an understanding of roles and responsibilities, systems, tools and reporting and communication requirements to identify potential gaps when considering contract rights and obligations. Our analysis can help identify solutions, address high-risk areas, validate cost and monitor schedule performance.
A periodic review of costs and billings at key stages during a project can help identify anomalies early so they can be resolved before becoming a problem. For contracts subject to a final accounting or reconciliation, an ongoing audit can streamline the process, helping close out the job.
Schedule delays are a common occurrence and can be a significant factor in increased project costs. Maintaining and updating project schedules during the work is key to enabling productive discussions around change orders and time extensions, as well as ensuring compliance based on contract requirements. Our schedule experts review updates, help identify potential delays and assist in proactively identifying problems.
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