Irregularities, Frauds and The Necessity of Technical Auditing in Construction Industry

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Description

The Creator is a Chartered Surveyor and Arbitrator and has been in the Quantity Surveying field for the last 40 years. The book deals with construction irregularities, frauds and the necessity for Technical Auditing of construction projects. The construction industry is huge expanding and expected to succeed in in excess of US $ 12 Trillion by 2020. The bulk of this amounts shall come from emerging markets and from public money. Still Construction Auditing is practically performed by Accountants in all parts of the world. The Creator feels that this must be done by Engineers with proper training and accreditation. Further, the Creator feels that there’s a necessity to spend at least one dollar for auditing for every thousand dollars spent to see whether the money is spent wisely. This is essential in case of public money. The construction industry as a whole is infested with irregularities and frauds and such a lot so that the estimated loss is around 10%, which shall reach in excess of US $ one Trillion by 2020. To put in context, the combined GDPs of Saudi Arabia and South Africa. If the existing internal and external auditing system does not bring in 0.5% (1/20 of the estimated waste) as savings frequently, then it may be safely assumed that the system needs modifications or complete overhaul. The book deals with basic guide lines for Technical Auditing of construction to usher in savings. This also gives a set of proposals for future improvements of the existing system and the same can be utilized in developing counries or modified to suit each country’s requirements.

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