Construction contract fundamentals

Construction projects represent some of the most significant and high-profile expenditures that an organization can make. To address the risks of project overruns, fraud, and abuse organizations must effectively leverage their skills and resources, including internal audit.

How can internal audit become an integral partner in assisting the organization’s construction and/or facilities’ groups to provide real-time monitoring over pre-construction activities and proactively strengthen the internal control environment?

This webinar describes how internal audit can successfully participate in pre-construction planning activities to help mitigate financial, operational, and compliance risk for the institution. We discuss the construction lifecycle and owner’s responsibilities, including those of the owner’s representative, architect, construction manager, and compliance and audit personnel.

Key learning objectives:

• Understand key construction terminology
• Learn the steps of the construction process lifecycle
• Identify gaps in current pre-construction activities and owner’s responsibilities
• Evaluate how internal audit can participate most effectively in pre-construction activities and create a collaborative environment with development parties

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For more information on this topic, or to learn how Baker Tilly real estate specialists can help, contact our team.