We can help you manage your capital project risks
Capital projects are complex in nature, tie up significant resources along with senior management’s time and effort. In order to manage them, organizations tend to rely on time tested project control measures by the project owner’s dedicated Project Management Office (PMO), cost controller, quality audits, quantity surveyors, and environmental, health and safety audits.
In LogiKal’s “Global 2019 Project Controls Survey”¹ of 700 project professionals, only 5.8 % of respondents reported that their projects met all objectives.
On the flip side, organizations that are equipped with highly effective teams, integrated processes, and systems experienced a 91% success rate on time, cost, and quality objectives.
This means that organizations that place a high emphasis on project controls were 3.5 times more likely to succeed. This is one of the reasons why capital project audits can add immense value by reviewing and reinforcing project controls.
Ventigence’s capital project audit services follow the same principles as any of its other business lines by offering:
- Senior experts with global cross-functional experience
- Faster and deeper audits
- Reduced learning curve
- Competitive fees
Multiple factors contribute to the low number of capital project audits.
Some of the key influencers are the following:
- a false sense of confidence in the PMO’s project control capabilities
- lack of awareness of the potential value-add by audits
- missing and/or inadequate support by the Board
- absence of construction audit skillsets within the internal audit function
To learn more visit:
Capital project audit services
- Project risk assessment
- Project governance review
- Project audit planning
- Project audits (procurement, engineering progress measurement, schedule, cost control, etc.)
- Contract compliance reviews
- Cost recovery audits