A value added area of our risk advisory services practice is construction audit. We do not take the place of your architect, engineer, audit staff or project manager. We supplement their services by taking the necessary, detailed financial review of your construction project and your construction contracts to the next level of expertise.
Our construction audit experts provide three tangible benefits to project owners. Return on Investment (ROI), savings and lower risk. Our construction risk management experts help clients identify actual and potential overpayments, overcharges, failures to recoup reimbursable expenses, etc., that may occur as a result of oversights due to the complex inter-relationships of contracts and the massive amounts of paperwork involved in the various transactions.
A typical return on investment for a Brown Smith Wallace construction audit project is one – three percent of the project costs. Here are some of the issues we address to achieve that ROI:
- Cost recovery of overcharges
- Lowering capital costs
- Reducing project risks
- Decreasing the number of open issues and disputes
- Stronger financial controls and reporting
- Communication improvements and project delivery
- Tightening of policies and procedures
- Clarification of contract language
- Improvement of regulatory compliance
- Performance of a cost segregation study
Benefits at a Glance
- Cost Avoidance
A Brown Smith Wallace professional construction auditor will help you negotiate a favorable contract and identify critical tasks for your internal team. Early involvement at the contract stage often results in additional savings.
A construction audit can identify overcharges that typically range up to three percent of the total project cost.
- Financial Controls
An auditor helps you establish policies and procedures for monitoring owner and contractor processes.
A well managed and monitored project reduces conflicts resulting in a decrease of costly and time consuming litigation.
If you are interested in realizing true savings on your construction projects with the least amount of risk, please contact us today to schedule a Brown Smith Wallace Construction Assessment. In less than 30 minutes, we’ll assess your overall project and estimate the ROI a construction audit can provide.