Navigation Links
The Construction Audit and Cost Control Institute to Address "The Benefits of Auditing Construction Contracts and Contractors"
Date:8/31/2013

Dallas, Texas (PRWEB) August 31, 2013

Construction audits are performed by many organizations as an integral part of their construction cost control program. However, there are still many organizations who do not audit the books and records of their construction contractors. It is the rare organization that has not experienced problems with at least some of their construction projects. These problems range from cost overruns and project failure to bribery and corruption. Effective auditing of construction activities provides insight into what is really going on, provides a basis for correction and sometimes results in cost recoveries. Some benefits of auditing construction contracts and contractors include:

  •     Insight into what is really happening. Owner management benefits from an objective, independent look at both construction performance and administration. A thorough audit can identify problems with billings and the work itself.
  •     Better understanding of relationships with contractors. Owners benefit from knowing who their contractors are and how they interact with owner representatives. Today good stewardship includes protecting against bribery and corruption in both the public and private sector. Research, visiting contractor offices, and review of contractor books and records can disclose contractors and subcontractors bribing on behalf of the owner, kickbacks to contractors or owner employees, FCPA violations and inappropriate entertainment. Owners with DBE or MBWE programs have discovered their contractors were not the ones actually doing the work.
  •     Cost recovery. Some organizations with significant capital expenditures consider auditing contracts an integral part of their culture. Experienced construction auditors report disallowing costs of about 1%. At the 2012 Best Practices Workshop two organizations reported actual cost recoveries of $26 million and $100 million over five years.    
  •     Construction contracting process improvement. Problems identified by auditors can provide management the opportunity to look at real causes. Critical consideration of causes can result in improvements in designing the work, making the deal and contracting, monitoring the work itself and handling pay requests, change orders and contract claims.
  •     Earlier identification of problems. Don’t wait to discover problems when they are too large or too serious to be ignored. Identifying issues early gives owners the opportunity to minimize impact.
  •     Comfort of knowing construction costs have been reviewed. Most owner executives lack the in-depth knowledge and experience to identify subtle problems in construction work and billings. An effective audit can provide comfort that the costs have been looked at.
Click here for a more detailed agenda.

This workshop is designed to provide committed construction audit and construction project control professionals with the opportunity to explore specific challenges and collaborate with colleagues. Last year’s Workshop achieved our total planned maximum attendance. Participants included construction project control representatives, CFO’s, construction directors, construction project managers and construction auditors.

Venue:

The Workshop will be held at The Worthington Renaissance Hotel in Fort Worth. The Worthington is Fort Worth's original AAA Four-Diamond luxury hotel. Located in the heart of Downtown in historic Sundance Square, our hotel in Fort Worth, TX is just minutes from the Fort Worth Stockyards, the Museum District, Cowboys Stadium, Texas Motor Speedway, DFW Airport, Amon Carter Museum and Texas Christian University (TCU). Please note: our group rate of $169.00 is only guaranteed until 11-18-2013.

Workshop Facilitators:
Rich Townsend
Rich Townsend is CEO of the consulting firm R. L. Townsend & Associates, Inc., which provides construction audit and cost control consulting services for Owner organizations in the United States.

For over 20 years, Mr. Townsend has been providing professional development training for Owner auditors and Owner construction management representatives for a wide variety of organizations and industries throughout the United States and Canada. His seminars entitled "Controlling Construction Costs" and "Effective Auditing of Construction Activity have been presented in affiliation with Courtenay Thompson & Associates.

Mr. Townsend is a Certified Construction Auditor (CCA) and a Certified Internal Auditor (CIA). He is a graduate of Waynesburg College (Waynesburg, Pennsylvania) where he obtained a Bachelor of Science Degree with a major in accounting.

Courtenay Thompson

Courtenay Thompson is a recognized authority on fraud-related training for internal auditors, management and investigators and the founder of Courtenay Thompson & Associates. Since entering the educational consulting field in 1981, he has written and presented courses for corporations, government and professional associations worldwide.

He is the co-developer of courses on audit and control of construction costs, and has developed and presented courses on purchasing fraud and contract auditing. His courses are known for providing practical approaches to real problems.

Mr. Thompson's experience prior to consulting includes public accounting, audit supervisor for consumer financial services for a large retailer, and director of auditing for a life insurance company.

Mr. Thompson received his BBA and MBA degrees from Southern Methodist University and is a Certified Public Accountant. He is a member of various accounting and auditing professional associations.

About The Construction Audit and Cost Control Institute

The Construction Audit and Cost Control Institute, Inc. (CAACCI) of Dallas, Texas was created in 2008 by R. L. Townsend & Associates and Courtenay Thompson & Associates as a resource to share information and solutions for today’s challenges in construction auditing and construction cost control. CAACCI members include project management and construction audit representatives from a wide range of private and public organizations. For more information, visit http://www.caacci.org.

Read the full story at http://www.prweb.com/releases/construction_audit/workshop_in_fort_worth/prweb11081550.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Donor aortic graft improves reconstruction after partial laryngectomy
2. ACL reconstruction technique improves outcomes in pediatric patients
3. Newer hip reconstruction technique provides good outcomes for athletes
4. New survey: Women want to SEE breast reconstruction results before cancer surgery
5. Prevention through design: A new approach to reduce construction risks
6. The Final Release of Plexxis Drywall Construction Estimating Software is January, 2013
7. AMS Closes $97.6 Million FHA 242 Insured Mortgage Loan for Construction of New Orleans East Hospital
8. H&H Environmental Construction and Consulting Announces School Mold Removal Program
9. Sean Sullivan San Francisco Real Estate New Construction: Discusses ”The Heights” In Pacific Heights, 14 New Luxury Condos
10. 5-year follow-up - over half of all ACL reconstructions could be avoided
11. Parrish Construction Group Ribbon Cutting
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... , ... June 27, 2016 , ... TopConsumerReviews.com recently awarded ... Eyeglasses . , Millions of individuals in the United States and Canada wear ... a way to both correct vision and make a fashion statement. Even celebrities use ...
(Date:6/26/2016)... ... 26, 2016 , ... PawPaws brand pet supplements owned by Whole ... enhance the health of felines. The formula is all-natural and is made from Chinese ... PawPaws Cat Kidney Support Supplement Soft Chews are Astragalus Root Extract and ...
(Date:6/25/2016)... ... ... Austin residents seeking Mohs surgery services, can now turn to Dr. Jessica Scruggs ... for medical and surgical dermatology. , Dr. Dorsey brings specialization to include Mohs surgery, ... Micrographic Surgery completed by Dr. Dorsey was under the direction of Glenn Goldstein, MD, ...
(Date:6/25/2016)... CA (PRWEB) , ... June 25, 2016 , ... As ... with Magna Cum Laude and his M.D from the David Geffen School of Medicine ... and returned to Los Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive ...
(Date:6/24/2016)... Los Angeles, CA (PRWEB) , ... June 24, 2016 , ... ... plastic surgery procedures that most people are unfamiliar with. The article goes on to ... known procedures, but also many of these less common operations such as calf and ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... Capricor Therapeutics, Inc. ... company focused on the discovery, development and commercialization ... in its ongoing randomized HOPE-Duchenne clinical trial (Halt ... its 24-patient target. Capricor expects the trial to ... 2016, and to report top line data from ...
(Date:6/23/2016)... June 23, 2016 , , ... July 7, 2016 , , , , LOCATION: , , ... , , , EXPERT PANELISTS:  , , , Frost & ... Analyst, Christi Bird; Senior Industry Analyst, Divyaa Ravishankar and Unmesh Lal, ... The global pharmaceutical industry is witnessing an exceptional era. Several new ...
(Date:6/23/2016)... 23, 2016 Revolutionary technology includes ... Oticon , industry leaders in advanced audiology and hearing ... Oticon Opn ™, the world,s first internet connected hearing ... IoT devices.      (Photo: http://photos.prnewswire.com/prnh/20160622/382240 ... number of ,world firsts,: , TwinLink™ - ...
Breaking Medicine Technology: