Contract Audit Services
Project Review & Audit
Construction projects are among the largest and most complex financial expenditures. Construction contracts can be complicated and include pricing agreements such as Lump Sum, Guaranteed Maximum Price, CM at Risk, Fixed and Unit Price, Time and Materials, Cost Plus, etc.
When appropriate an audit may be performed to ensure that the construction costs billed by the contractor and payments made by the owner are appropriate and in accordance with the agreements between the parties and customary industry practice.
SOCOTEC’s construction professionals have audited some of the most complex domestic and international projects in the world. Our audit experience includes several billion dollars in construction contract value. Our team of construction managers, engineers, architects, CPA, and MBA professionals is uniquely qualified and capable of accurately performing the most intricate construction audits and communicating our findings in a clear and meaningful manner.
Contract Audit Services may be performed either during project performance or forensically. Specific audit tasks may include:
- Development of contractor invoicing, audit, and payment procedures
- Development of quantity or progress verification models
- Determination of fair and reasonable labor rates, applicable burden, and/or equipment rates
- Review and processing Contractor Invoices for Payment
- Audit and compliance documentation of MWBDE participation, Buy American, weather impacts, etc.
- Subcontractor Default Insurance reconciliation
- Audit conditions precedent to Final Payment