Guidepost has been retained by a Fortune 50 global institution to serve as the project integrity monitor for the construction of its below grade foundations at its new global headquarters in a major metropolitan city. The cost of construction of the new 1,400 foot headquarters building is estimated to be $80 million.
The project scope includes the assessment of project integrity, regulatory compliance, and project cost management risks. Based on the assessments, our team, in consultation with the company, developed monitoring plans to effectively detect, deter and mitigate risks of fraud, waste, abuse and financial loss throughout the project. These plans involve regular onsite project integrity and compliance monitoring; forensic reviews of project costs; and targeted forensic reviews. Throughout the assignment, we are providing continuous feedback to the company through regular status meetings and detailed reports regarding compliance checks, document reviews and forensic reviews.
Utilizing a team of professionals with evolved investigative instincts and strong construction experience, as well as extensive project monitorship experience, Guidepost has so far helped save the institution more than $1 million through the identification of inflated labor rates, overstated overhead and profit costs, inflated equipment and material costs, inappropriate sales tax charges, additional insurance costs, duplicative billings and inaccurate trade classifications.