Infrastructure & Construction Assurance
Organisations are regularly taking on major projects engaging multiple contractors to deliver significant pieces of infrastructure. Protection against long delays, cost overruns, waste and irregularities on these construction and infrastructure contracts are essential.
BDO supports a range of clients undertaking major infrastructure projects and public-private partnerships with project advisory and contract assurance services. These services can include developing contract management frameworks and contract registers, to providing contracted services procurement/audit and performance advisory services.
It is now considered a strategic imperative to have independent advice when ensuring the successful outcome of an infrastructure project and receiving the full value of dollars spent. For an infrastructure delivery project to perform at optimum levels, it is of vital importance that an audit program is established to help address any potential areas of contractual conflict, and provide an independent acquittal of project costs.
An assurance framework should also be established to ensure that payments to project partners are made in accordance with the terms of the project agreement and that there are no discrepancies relating to ongoing project costs. We achieve this through independent financial audits on the full open book accounting principle.
BDO has delivered a significant number of independent financial audits on major infrastructure projects across Australia over the past ten years, including the Bruce Highway Upgrade, Airport Link Tunnel and Northern Busway, and Legacy Way Tunnel and Western Freeway Upgrade.
Our risk-based, enterprise-wide solutions deliver:
- An integrated solution that focuses on monetary findings but can also address other key aspects of contracts, including vendor relationship management, project management, cost control management, and various other aspects of the internal control environment
- A measurable Return on Investment based on monetary findings realised (e.g. erroneous billings around time, material, overhead allocations, and other non-applicable charges), erroneous overpayments (e.g. duplicate payments, potential collusion leading to overpayments, etc.), incorrect member payments, and renegotiated contracts not applied on invoices.