Learn best practices of project cost audits and how to properly report findings for ongoing commercial or litigation purposes.
Project cost audits are a unique service that utilizes cost theory, contractual requirements, fraud sensitivities, and IT skills along with a technical understanding of the project scope. The audits often involve millions if not billions of dollars and the findings of agreed or disagreed costs directly impact the cash position of the respective stakeholders i.e., it is a zero-sum game. As a service for internal or external auditors, the results to clients are often significant and beyond the service cost of the audit, yet common sampling and auditing techniques are not always effective. You will be able to identify project audit assignments, effectively perform project cost audits, identify and apply best practices to the benefit of the project team, and properly report findings for ongoing commercial or litigation purposes.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview
- Definition of a Project
- What Makes Project Auditing Unique?
- Applicable Professional Standards
Understanding the Project
- Stakeholder Expectations and Needs
- Project Technical Definition
- The Contract/Agreement
Understanding Project Cost Accounting
- It Systems and Controls
- Internal Accounting Procedures and Controls
- Project Scope Controls
- Project Billing Procedures
- Pre-Audit Review
Performing the Audit and Audit Efficiency
- Evaluation of Control Weaknesses
- Performing Effective Sampling
- Addressing the 7 Most Common Cost Issues
- Survey Techniques for Less Common Items
Writing the Audit Report
- Disclosure of the Objectives and Process
- Scope Limitations
- Stating the Results
- Documentation
- Conclusions
- Recommendations
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on March 25, 2020.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Dennis L. Allen, CPA, CFE, CCA
FACX Global
- Founder of FACX-Global
- Over 40 years of experience in project cost audits, dispute resolution of contract and cost related issues, and government contract disputes including both domestic and international million and billion dollar projects
- Conducts seminars and lectures on project cost audits, audit objectivity, project management, change order management, and construction contracts
- Certified Public Accountant, Certified Fraud Examiner, Certified Construction Auditor with memberships in the associated professional organizations
- B.A. degree in business administration, Texas Tech University
- Can be contacted at [email protected] or 301-606-7998
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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