Auditing Construction Activities Training

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Auditing Construction Activities Training Course
Introduction:
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This comprehensive five-day course offers hands-on training for the Primavera client/server-based solution. Designed for current users, the course provides an in-depth exploration of the software, allowing participants to enhance their understanding and proficiency.
The course is structured to provide flexibility, allowing participants to choose and engage in lessons independently based on their specific needs and interests. This approach ensures that participants can focus on the areas that are most relevant to their work and goals.
Throughout the training, participants will delve into various topics that are crucial for maximizing the benefits of Primavera. The course places a strong emphasis on practical application, enabling participants to gain hands-on experience and develop the skills necessary to effectively utilize the software.
Some of the key areas covered in the course include user setup, security maintenance, and the configuration of global data items such as calendars and activity codes. Participants will learn how to set up and manage user accounts, define access levels, and ensure data security within the Primavera system. Additionally, they will explore the configuration and customization options for global data, allowing for greater control and consistency in project management processes.
By the end of the course, participants will have a comprehensive understanding of the Primavera client/server-based solution and its advanced features. They will be equipped with the knowledge and skills to optimize their use of the software, streamline project management processes, and enhance overall efficiency.
Join us in this five-day training course to expand your expertise in Primavera. Through hands-on exercises, practical examples, and interactive discussions, you will gain the necessary skills to effectively utilize the software and leverage its capabilities to support successful project management.
Course Objectives:
Understand key terms and make the auditor feel more comfortable in
- "talking the talk" with the contractor and vendors. This includes
- Understanding the flow of a construction project.
- Implement effective governance over project management, understanding
- Common frauds, fraud prevention, and fraud detection.
- Understand construction risks and how to manage them.
- Ensure effective change management over change orders, contingencies, and claims.
- Learn strategies for identifying and recovering overpayments.
Who Should Attend?
- Internal and External Auditors
- Audit Directors and Managers
- Owner personnel responsible for construction activities in their organization construction
- Professionals who want a “big picture” view
- Construction Accountants
- Finance personnel
- And Construction Contract Administrators.
Course Outlines:
Key components of a successful construction project Construction project lifecycle:
- Investment
- Planning
- Contracting
- Vendor Selection
- Contracting
- Budgeting and Budgeting Analysis
- Progress Updates
- Payment Processes
- Inspections
- Safety
- Change Management
- Post close-out audit
- Key vocabulary and terminology
- Identify key players and understand their needs, roles and responsibilities.
- Effective project governance and management.
- Audit’s role in construction: adding value and protecting the owner’s interests.
Learn key risks and benefits of different contract types
- Lump Sum
- Cost Plus
- GMAX
- Design-Build
- Joint venturing
- Contract audit and review: avoiding the pitfalls.
- Key contract terms to ensure contractors and other construction professionals deliver.
- Key concepts to include in all construction contracts
- Contract law and employee law in the UAE
Change Management – preventing scope creep and cost overruns
- What are change orders?
- Examining why change orders occur and the risks they present.
- Change order reporting and control
- Assessing the effectiveness of change management
- Testing change order
- Working with other key control functions: compliance, risk, actuarial, finance and internal audit especially under Solvency II regime
Phases of construction - identifying and managing risk
- Understand risks, exposures, and challenges during each phase of construction from
- Design and groundbreaking to project closeout. Special concentration will be places
- On how these risks relate to each type of contractual agreement.
Ensuring your payment process has sound controls
- Fraud risks
- Reviewing the contractor's payment application
- Retention, percentage of completion, and lien releases
- Recalculation of equipment charges
- Recalculation of labor charges
Risks Management the key to project success
- Understand the full spectrum of risk that impacts your project
- Learn how an audit can add value
The closeout process and successful wrap-up
- Preparing a comprehensive punch list
- Punch list items addressed
- Ensuring credits have been identified, applied for, and received
- Verifying warranties/guarantees after completion are intact and enforceable
- The importance of the final lien release
- Lessons learned
Validating Contractor claims
- Understanding what contractor claims are
- Understanding the cause of contractor claims