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Confidential Bank Audit, Various Locations
Specialty Consulting
New Construction & Renovations
$1,000,000,000
Numerous projects
This project involved a significant expansion of capital facilities by a major national bank. The bank engaged GREYHAWK to perform an audit of its Facilities Management Department (FMD), and to assess if the construction operations and expenditures were reasonable. GREYHAWK’s services included 1) audits of internal policies and procedures, 2) audits of project records, and 3) physical audits of active and completed projects. In all these instances, GREYHAWK provided comprehensive listings of deficiencies and suggested remedial measures to the bank.
GREYHAWK assessed the strengths and weaknesses of the FMD policies and procedures manual, as well as the inconsistent implementation of policies and procedures by bank representatives.
The project records audit included reviews of technical and financial aspects of various projects, from development through construction. Specifically, GREYHAWK observed and documented 1) apparent errors and omissions by design professionals; 2) insufficient supporting documentation for requested changes and extras; 3) a lack of proper back-up information in payment applications; and 4) numerous contracting irregularities.
GREYHAWK performed physical audits during numerous site visits to active construction projects over a four-month period. The areas of investigation included, but were not limited to, the 1) quality and conformance of the work in-place to the design; 2) extent and completeness of construction personnel’s field records; and 3) performance of the bank’s on-site representative. The audit uncovered many instances of apparent fraud by contractors who installed substandard and non-specification compliant materials.
As a result of GREYHAWK’s services and recommendations, the bank performed a comprehensive revision to its project manual, obtained significant savings on ongoing projects and had the ability to realize continued economies on future construction operations.
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