“What Every Owner Organization Needs to Know About the Benefits of Construction Auditing”
Wednesday – May 20, 2020
12:00 – 1:00 pm CDT
Cost $49 – Earn 1 CPE
- Attendees will learn key benefits of effective auditing of construction activity
- From classic real life examples of construction audits, attendees will learn:
- How to identify and develop cost recovery audit findings
- How to help their organization implement construction contracting strategies that help achieve more cost effective projects
- Webinar Content includes the following “case study” examples of construction audit cost recovery/cost avoidance audit results:
o $10 million cost recovery by auditing $30 million in charges for payroll tax and insurance labor burden components$5 million cost avoidance on a $50 million negotiated Cost Plus GMP versus Lump Sum subcontract
o $4.5 million cost recovery by auditing charges for “all inclusive” labor rates on a $350 million project
o $4 million cost recovery for overcharges related to small tools and consumables on a $100 million cost plus electrical subcontract
o $3 million cost avoidance on a negotiated Cost Plus GMP versus $12 million Lump Sum Negotiated Change Order
o $1 million cost recovery on $50 million in subcontracts where CM charged for CCIP when the subcontractors provided conventional insurance
o $900,000 cost recovery for overcharges on a $10 million sheet metal subcontract where apprentices were charged at journeyman rate
o $700,000 cost recovery on a $250 million lump sum construction contract for an “overlooked allowance”
o $450,000 cost recovery on audits of $10 million in lump sum change orders due to overstated labor rates
o $375,000 cost recovery/cost avoidance on $80 million project due to overstated material prices in change orders
Who Can Benefit From This Learning Experience:
Owner organization representatives who are involved with auditing or administering construction activity including:
– Owner’s construction audit representatives (internal audit and/or external consultants)
– Owner’s construction management executives, project managers, contract administrators, construction contract accountants, procurement representatives and/or legal representatives.
Rich Townsend is the President of Construction Audit and Cost Control Institute, Inc. and is the founder and Co-Owner of the construction cost control consulting firm R. L. Townsend & Associates, LLC. He has over 30 years of experience dealing with a wide variety of Owner organizations throughout the United States and Canada. He has been a leader in promoting partnership between Construction Audit Professionals and Owner Project Management representatives to help Owner organizations more effectively audit and control construction costs. He is a Certified Construction Auditor, a Certified Internal Auditor and a Certified Public Accountant.
Participants Earn 1.0 CPE Credit
– In order to be awarded the full credit, you must respond to 3 polling questions asked during the program.
Field of Study: Auditing
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
Standard Registration fee of $49 covers attending the live webinar and receiving the webinar slides afterward.
If you have trouble registering, try using a different browser.
Webinar Fee: $49
Registration FEE may be paid by MasterCard, Visa or American Express.
If you need assistance with registering, please contact Marie Jones at (254) 736-0309 or firstname.lastname@example.org
Cancellation and Refund
Refunds and Cancellations: If you register for a webinar and are unable to attend, please notify us by email and we will apply your credit toward any future webinar. For more information regarding refund, concerns and/or program cancellation policies please contact Marie Jones by email email@example.com or call 254-736-0309.
All participants are eligible to receive up to 1 Continuing Education Credit (CPE) to fulfill professional accreditation requirements. In order to be awarded the full credit, you must respond to 3 out of 4 polling questions asked during the program
Field of Study: Auditing. Course Level: Basic. Group-Internet Based, no prerequisites or advanced preparation required. For information regarding CPE, complaint, or program cancellation, please contact contact Marie Jones by email firstname.lastname@example.org or call 254-736-0309.
The Construction Audit & Cost Control Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Concerns regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.