Construction Auditing & Advisory

Lanark’s Construction Audit & Advisory Services (A&AS) platform specializes in comprehensive risk evaluation and financial oversight for capital construction projects from inception to completion. Serving a diverse clientele across the public and private sectors—from government bodies and educational institutions to financial entities—we offer comprehensive financial risk assessments and cost validation across all stages of the capital expenditure lifecycle.

COMPREHENSIVE GUIDANCE

Providing expert advice on real estate matters

MARKET INSIGHTS

In-depth analysis for informed decision-making.

CUSTOMIZED REAL ESTATE AND SOLUTIONS

Tailoring strategies to meet specific client needs.

PROJECT MONITORING AND REPORTING

Diligent oversight, monitoring progress, and delivering detailed reports to empower client control throughout the project lifecycle.

Our proficiency encompasses audit planning, cost management, compliance, risk assessment, and financial evaluation, specifically tailored for major capital projects. Leveraging this expertise, we develop strategies designed to mitigate risk throughout the project lifecycle, ensuring each phase is managed with diligent oversight.

Audit Planning & Stakeholder Engagement: Enhances project audits with strategic planning and regular progress reviews, leading to actionable insights.

Cost Accuracy & ComplianceEnsures precise cost management and adherence to contractual values through detailed audits and transparent reporting.

Risk Assessment: Implements stringent compliance checks and risk evaluations to safeguard project integrity and financial outcomes.

Financial Analysis & Project Closure: Delivers critical financial analysis and manages project completion with thorough documentation review and cost reconciliation.

Scope of Services

Audit Planning and Project Administration

• Facilitates rigorous audit planning, establishing clear communication and documentation standards.
• Engages stakeholders through regular meetings to review progress, culminating in detailed reports that encapsulate findings, recommendations, and performance assessments.

Cost Management and Control

• Conducts exhaustive audits on project costs, change orders, and contractor claims to ensure accuracy and adherence to the contractual Schedule of Values, incorporating detailed scrutiny of stored-materials billing documentation, and a comprehensive review of project-related invoices, progress payments, and draw requisitions to align recommendations with actual project activities and quantities.
• Adopts a transparent approach to change order management and monthly progress payments, adhering strictly to the client’s specified formats to guarantee precision and transparency.

Compliance, Audits, and Risk Management

• Ensures strict adherence to legal, regulatory, and financial reporting standards through dedicated compliance and financial audits.
• Employs financial risk assessments and performance-based audits to identify and mitigate potential financial risks, ensuring projects align with performance outcomes.

Financial Planning and Analysis

• Offers budgeting and forecasting reviews, alongside preliminary and detailed cost estimations, to provide a realistic financial outlook for projects.
• Engages in value engineering and comparative cost analysis to suggest cost-efficient alternatives and compare costs against industry standards and historical data.

Allowance, Contingency, and Funding Analysis

• Reviews allowance and contingency records against project documentation and evaluates funding source usage, ensuring compliance with specific project requirements.

Project Completion and Evaluation

• Manages the meticulous final cost reconciliation process, includes conducting comprehensive final walk-throughs to identify any deficiencies, and reviews final payment requests and lien waivers.
• Oversees final cost reconciliation and project completion audits, incorporating risk evaluation and financial auditing methodologies to review punch lists, the Architect’s Certificate of Substantial Completion (AIA G704), Test and Balance Reports, and vital documentation. This process ensures the accuracy and completeness of contractor documentation, aligning project outcomes with financial accountability and compliance standards for a comprehensive audit closure.

Projects History