The need for fiscal transparency and vigilance has never been greater. Oversight and financial controls are critical whether a project is public or private, a public-private partnership, or centered on disaster recovery. Through major investments from the public and private sectors, market conditions elevate concerns about potential fraud, waste, and abuse throughout the project cycle. The Association of Certified Fraud Examiners (ACFE) estimates that in 2018, project costs increased by 5% to 25% because of fraud, waste, and abuse. No project is exempt from the risks of those problems, so a comprehensive compliance and monitoring program is essential.
Jack Callahan and Ron Frazier discuss how the federal infrastructure funding will be allocated to state and local entities.
Government agencies, private equity investors, and owners are all accountable for controlling project costs and preserving the reputation of the project. The proper controls and oversight environment can mitigate fraud, waste, and abuse throughout the project cycle. They go a long way toward building a culture of trust, finding cost savings, and helping ensure the funds are used as originally intended. Independent advisors preemptively address project vulnerabilities to mitigate suspected fraud, waste, and abuse and show they deliver on promises while keeping projects on time and on budget.
Our work has shown effective monitoring programs create project savings through controls during the full lifecycle: design, prequalification and award phases, project execution, and post-delivery operations and maintenance. Also, when a compliance and monitoring program is instituted from project inception and used consistently, accountability is communicated clearly to all parties and the public. Our team of accountants, forensic examiners, field investigators, and legal services professionals work with owner entities to identify key concerns and exposures. We then immerse ourselves in the project to oversee it without impeding the critical path of construction.
CohnReznick professionals have worked on some of the nation’s largest projects, cleanups, and disasters. With significant care, thoroughness, and detection expertise, CohnReznick has led clients through some of the most destructive disasters in U.S. history, such as the World Trade Center site cleanup and hurricanes Katrina and Sandy recovery efforts. Translating those services to large-scale construction programs, CohnReznick’s professionals bring extensive, firsthand experience to meet client goals for each project.
No two projects are alike, and owners have unique concerns and pain points. CohnReznick’s seasoned professionals work with owners and stakeholders to create a program tailored to the exact needs of the project. With the capabilities of a national firm and our integrated industry specialists, we bring the expertise to address each project’s demands scaling staffing needs based on project complexity and the existing project accountants. CohnReznick offers comprehensive compliance monitoring services to many sectors:
Public-private partnership (P3) projects
Disaster response and recovery
Private equity-funded projects
Federal, state, and locally funded projects
Real estate investment trusts (REITS)
Court or agency mandated fiscal and integrity monitors