Construction project audit basics: transaction testing

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.

The second topic in our back to basics webinar series addressed these questions and more about testing transactions and verifying compliance. 

• Which transactions need to be tested?
• Are there costs that don’t need to be tested?
• When should you do a 100 percent sample?
• What factors drive testing populations and sample sizes?

Key learning objectives

• Verify audit objectives are valid and meaningful
• Identify testing populations
• Select sample sizes
• Perform transaction tests

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