Construction projects represent some of the most significant and high-profile expenditures for higher education institutions. To address the risks of project overruns, fraud and abuse, institutions must effectively leverage their skills and resources, including internal audit.
This webinar addresses how internal audit departments of all sizes can successfully execute construction auditing activities to help mitigate financial, operational and compliance risk for the institution. Additionally, we discuss the construction lifecycle and the institution’s responsibilities, including those of the institution’s representative, architect, construction manager, and compliance and audit personnel.
This webinar will help you:
- Understand key construction terminology (e.g., lump sum, guaranteed maximum) and the steps of the construction process lifecycle (i.e., pre-construction, construction, post-construction)
- Identify gaps in current pre-construction activities and the institution’s responsibilities
- Evaluate how internal audit can participate most effectively in construction activities and create a collaborative work environment with development parties