Construction project audit basics: developing an audit program

Construction project audits are requested by and discussed with audit committees on a regular basis. Managing the risk of a multimillion dollar capital investment is not only prudent but necessary to protect an institution’s capital investment. After more than twenty topics in our series, we are revisiting the fundamentals key to a strong construction audit program.

In this first webinar we reviewed how to write a construction audit plan in today’s facility development environment and examined what has changed over the last five years. We also discussed the benefits of a construction project audit beyond the potential cost recoveries, how to scale the audit program to a project’s needs, and how to set expectations about audit results with stakeholders.

 Key learning objectives

• Define construction project audit objectives
• Identify construction financial risk
• Write a construction audit program

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