Construction project budgets are out of control, surgical center openings are delayed six months, there are skilled labor shortages, and health systems are mired in construction claims. Microchips and automobiles aren’t the only products feeling the Covid Pinch! Construction projects are experiencing unprecedented cost pressure, and Internal Audit has a significant role in mitigating escalating construction costs. In this webinar, we will share case studies demonstrating strategies to detect construction fraud, waste, and abuse such as double charging Covid management costs, 100% profit margin increases, phantom progress, and compounded fees. 

Auditors need to be more vigilant than ever by deploying more than financial transaction testing. Today’s audit programs include interviewing stakeholders to find out if their needs are being heard by the designers, and building dashboards that monitor progress in real-time, schedule, forecasts, costs, and budget variances. We will use three case studies to demonstrate how Internal Audit can materially help control costs: a 150-bed acute care hospital, a surgical suite remodel, and a life cycle analysis of a medical office building. We will use pre-construction auditing, continuous monitoring, and closeout testing to show how each of these audit approaches empower Internal Audit to help keep construction costs in control.