Construction Audit and Big Data

Learning Objectives

• To analyze big data.
• To discuss the mathematical flows in construction to create data scripts to monitor data and progress.
• To analyze how to review red flags that may indicate your projects are soon failing.
• To explain strategies behind using data analytics to monitor construction projects for fraud or failure.

Course Description

A construction audit is a review of various aspects of a project to ensure they are performing appropriately and in keeping with the contract. Since construction projects typically involve several entities performing several concurrent tasks, a construction audit is a crucial tool for keeping everything on track and under budget.

With the rapid development of information technology in today’s world, the amount of data information is getting larger and larger, which presents the characteristics of big data. Big data refers to a collection of data that cannot be captured, managed, and processed by conventional software tools within a certain time.

Big Data has been used for many years to do continuous auditing. Auditing your construction projects is no exception.

The era of big data has brought great changes to various industries, and the innovative application effect of big data-related technologies also shows obvious advantages. The introduction and application of big data technology in the audit field also become a future development trend. Compared with the traditional mode of audit work, the application of big data technology can help to achieve more ideal results, which needs to promote the adaptive transformation and adjustment of audit work.

This course covers the following Major Topics: 

• What can Big Data /Automation do for me?
• Big Data Defined
• The four Vs of Big Data
• What data might we need?
• What if data is limited
• Using Data Analytics in your audit
• Verifying Big Data during the Audit
• Analysis that Pays
• Automated Processes

In this CPE Auditing Webinar, we will talk about the strategies behind using Data Analytics to monitor construction projects for fraud or failure.

Overview

• What can big Data/Automation do for me?

  4 mins
• Sources of Data

  20 mins
• Big Data defined

  37 mins
• The four vs of Big data

  41 mins
• Safety Management

  55 mins
• Big Data operating

  65 mins