Issue:

A leading hospitality Real Estate Investment Trust (REIT) sought an independent audit of a recently completed conference center and ballroom expansion project. The organization sought to ensure that project expenditures were accurate, properly documented, and in compliance with contractual terms. Additionally, the client was looking to identify any potential cost recoveries and evaluate the effectiveness and transparency of its current capital project delivery methods.

Solution:

StoneTurn performed a comprehensive risk assessment and review of the project costs, which included examining contracts, invoices, payment applications, and change orders to assess compliance with agreed-upon terms and conditions. The team also evaluated the project delivery processes used throughout the expansion and identified opportunities to improve efficiency and transparency for future initiatives.

Results:

Through its detailed audit and analysis, StoneTurn provided the REIT with a clear understanding of the project’s financial accuracy and contractual alignment. The firm’s recommendations supported the enhancement of internal controls, offering a roadmap to strengthen governance and boost the effectiveness of future capital project execution.