About the Author

The Author is a Chartered Surveyor and Arbitrator and has been in the Quantity Surveying field for the last 40 years.

Book Content and Industry Overview

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 reach in excess of US $12 Trillion by 2020. The bulk of this amount shall come from emerging markets and from public money.

Still, Construction Auditing is practically performed by Accountants in all parts of the world. The Author feels that this should be done by Engineers with proper training and accreditation.

Importance of Auditing

Further, the Author feels that there is 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 very important in the case of public money.

Industry Irregularities and Financial Impact

The construction industry as a whole is infested with irregularities and frauds, with an estimated loss of around 10%, which shall reach in excess of US $1 Trillion by 2020. To put in context, this is comparable to the combined GDPs of Saudi Arabia and South Africa.

System Efficiency and Recommendations

If the existing internal and external auditing system does not bring in 0.5% (1/20 of the estimated waste) as savings on a regular basis, then it can be safely assumed that the system needs modifications or a complete overhaul.

The book deals with basic guidelines for Technical Auditing of construction to bring in savings. It also provides a set of proposals for future improvements of the existing system, which can be used in developing countries or modified to suit each country's requirements.