CONSTRUCTION AND INFRASTRUCTURE
Infrastructure is the foundation of civilization. Our transport, energy and digital networks form the cornerstones of economic growth. Our health, education, sports and recreational facilities invest in the fabric of society. KPMG, through its Global Infrastructure community, aims to enable a better future for everyone, everywhere. And infrastructure is a global challenge. Today the world invests around $3 trillion in infrastructure each year, but as we strive to deliver the United Nations’ Sustainable Development Goals in developing markets, and upgrade the infrastructure of developed markets, that level of spend is expected to double or treble over the next 10 years. HT Corps Infrastructure network helps public and private sector organizations involved in infrastructure to deliver the outcomes you are seeking, whether for society or for your business, or both, as efficiently as effectively as possible. We thrive on helping solve the world’s biggest challenges.
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A construction audit is a review of various aspects of a project to ensure they are performing appropriately and in keeping with the contract. Since construction projects typically involve several entities performing a number of concurrent tasks, a construction audit is a crucial tool for keeping everything on track and under budget.
Aids Cost Recovery
Construction site costs can vary throughout a project and, without proper controls, can quickly spiral out of control. Many disputes have arisen out of this. A construction audit can help discern, per the contract, which party should be responsible for which costs and helps keeps projects within budgets.
Improves Internal Controls
A great deal of conflict on construction sites stems from an inability to stay within the scope of the project. Project managers are assigned with the task of ensuring that all parties are performing their requested tasks, that a project plan is being followed correctly, and that safety measures are being employed. A construction audit makes sure that project managers are doing their job correctly.
Determines the Project Progress
Construction audits are important because they can help ensure that timelines are met. A construction auditor will come down to the job site, review progress, and speak with personnel to get an accurate feel for what phase a project is in. They will be able to assess whether the project is on time, behind schedule or ahead of schedule. From a financial standpoint, many construction companies bill clients based on the project completion level. Construction audits can inform all parties if the project is at a point where an invoice is appropriate.
Construction auditors can review procedures dealing with hazardous materials, equipment, and even walkways, to make sure that a safe environment is being provided for workers.