Large-scale capital programs and projects can pose significant challenges, impact organizational risk profiles, and experience cost overruns, schedule delays, and compliance issues without proper oversight and control.
StoneTurn’s Construction and Real Estate professionals assist organizations and their internal audit departments in assessing and mitigating risks associated with capital programs and projects. We help with risk-based construction audits, define and document applicable processes and controls, assess control design and operating effectiveness, and conduct targeted construction audits to identify areas of contract non-compliance, cost overruns, and cost recovery opportunities.
I was very impressed by the commercial approach and understanding for need of urgency. They scoped the engagement quickly and the speed they produced the product was impressive.
– Chambers, Quoting a Client
Risk Assessment
Investigate Red Flags
StoneTurn’s team helps conduct construction risk assessments and develop construction-focused internal audit programs across program and project lifecycles. Our risk assessment approach leverages proven methodologies and frameworks to align with other enterprise-wide risk assessments. Our team also assists with the performance of program and project-specific fraud risk assessments to identify fraud risk scenarios and gaps in controls, as well as mitigating controls for implementation.
Construction Audit Services
We work with you to conduct construction audits that test compliance with contract terms and conditions in high-risk areas, including purchase requisitions, invoices, payments, change orders, certified payroll reports, general conditions and requirements, and contingency and allowance usage. StoneTurn identifies potential cost recoveries and supports all aspects of cost recovery. We provide recommendations to improve contract administration on future capital projects that help prevent overbilling and noncompliance.
Process and Control Audits
Our team works with clients to identify and document construction-related processes and controls, identify potential control gaps, evaluate control design and operating effectiveness, and provide recommendations to strengthen internal processes and controls to mitigate program and project-specific risks.
