A global Fortune 50 company is constructing four new facilities in the Midwest and Northeast. The company sought a construction integrity monitor to assess each project’s risks and controls; provide forensic reviews of each project’s costs; and provide general integrity monitoring and oversight of the projects.
Guidepost was retained to serve as the project integrity monitor for the construction of all four project sites, with construction costs of over $800 million. Guidepost’s services have included:
- Assessing all relevant project documentation, including contracts, designs, processes, policies and procedures in order to identify risks and assess risk mitigation controls.
- Developing controls designed to mitigate the risks identified in the assessment.
- Conducting forensic reviews of project costs to validate vendor and subcontractor compliance with the institution’s contract terms and payment procedures, ensuring that payment requisitions packages and payment requests are complete and accurate, and that all costs are billed correctly; and, confirming the institution received appropriate value and was billed properly under the terms of its contracts.
- Performing deeper, more focused reviews of project documentation for indications of anomalous, inaccurate, fraudulent, or non-compliant activities. These reviews included in-field investigations and on-site monitoring of construction work; background investigations on contractors, suppliers, and consultants; and reviewing and monitoring worker safety and environmental plans and procedures for on-site compliance.
Guidepost works closely with the company on this ongoing project, providing detailed tracking and reporting of monitoring activities and findings.
Benefit to the Client
The monitoring team has been led by seasoned professionals with evolved forensic auditing skills and strong construction experience. They are familiar with practices that often lead to cost inflation. To date, Guidepost has assisted the company in achieving several million dollars in documented cost avoidance.