Construction audits

scorekeeping that wins

The traditional, lump-sum construction contract is giving way to various cost-plus contracting approaches that often contain complex incentives or profit-sharing for finishing the job in a timely manner. In addition, current professional staff are multilayered and increasingly specialized. This article makes a case for the use of construction audits as a way of managing the wide array of professionals involved, as well as field-testing incoming audits and detecting billing errors. Construction audits can offer other benefits, such as revealing the inadequacy of expenditure controls, providing a prospective view of risks, reinforcing proper contract closeouts, and communicating confidence to lenders and investors.
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