Updated: Oct 15, 2020
Following the inaugural meeting of our multidisciplinary steering group, on cost assurance and audit of infrastructure projects and contracts, we are pleased to share our Key Output 1, with the wider industry. These are summary recommendations and the latest thinking from multiple lenses and industry experts. We hope you find these beneficial and insightful.
Below is a Summary of the Key Themes
Lessons: Risks persist as cost assurance lessons are not captured during the project lifecycle. Findings are not informing real-time decisions. Lessons are not demonstrated to have been applied to the next project.
Cost Assurance: Assurance is now critical in construction and extends beyond verification to performance value and optimisation. BIM is going to help transform contract design and cost management systems.
Collaborative Contracts: Users need to consider credibility and reasons for shared risks by using alliance, target, or cost-reimbursable contracts. Needs a consistent definition of what is allowable under the contract.
Software/Technology: Using secure digital platforms for the sharing of confidential information, resolving of issues, lessons and in driving automation, visibility of audit progress, control, consistency, and efficiency.
Pre-Agreeing Requirements: Specifying protocols at the tender stage. Agreeing standards for cost and fee early on in contracts. Reducing ambiguity via consistency in approach will help with resource planning.
Protocol & Pragmatic Approach: Front loading the verification process and setting parameters about records and detail required etc. Embedding protocols in commercial and project teams from the beginning.
Auditing Accounting & Cost Systems: Independent auditing of cost capture, cost recording, and reporting back to payment applications. Standardising cost coding and capturing will improve future cost forecasting.
Who We Worked With
We are pleased to have collaborated with Turner & Townsend, In Construction Consultants, Atkins SNC Lavalin, Ideagen Pentana Audit, Buckingham Group, Eversheds Sutherland, The Orange Partnership, Vinci, Blake Newport, Network Rail, HS2, Crossrail, Transport for London & Bevan Brittan. Read and download the full report via the LinkedIn link below
For more information on how we can help contact:
Director CFBL Consulting Ltd
T: 01737452323 M: 07951722554
25 Clarendon Rd Redhill Surrey RH1 1QZ
Why Choose Us
With our expertise, we help businesses manage risks and resolve challenges. In this process, we establish bespoke mitigation plans to resolve the challenges that we identify. We advise ensuring that our clients are always compliant and meet the regulatory guidelines that impact their business operations.
We Follow Through
We don't walk away on completion; we follow through and ensure that our clients are fully operational with implemented recommendations and measure our success by theirs. Our firm is locally owned and operated, which ensures our full dedication to our clients.
Our Customer Focus
Customer focus is one of the key principles we have built our business on. We believe that clients’ needs are of utmost importance, hence our complete customer focus and commitment to help clients achieve their objectives. We embed ourselves as business partners to ensure that business objectives and solutions are implemented efficiently.
Our Quality & Integrity
We are a team of consultants and accountants with over 20 years of specialist national and international experience. Quality and integrity are vital principles that we have built our firm on. As a result, a high percentage of our work is from repeat business and referrals.
Our Professionalism & Agility
We are a practicing certificate holder, regulated by the association of international certified public accountants (AICPA) and the chartered institute of management accountants (CIMA). We are verified and working towards ISO 9001, 2015. We work nationally and globally with access to IWG’s global network of offices.