Construction Project Risk

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Construction Project Risk

Construction Audit Series

Reviewed

January, 2024

Denise Cicchella

Learning Objectives

To discuss the basic risks inherent risks associated with any project.
To analyze how the risks interact with one another.
To analyze how to prioritize risk.
To discuss how to have an intelligent conversation with management about project exposure.

Course Description

US Bureau of Labour Statistics shows that as of January 2020, there were $7.59M people working in the construction industry. In addition, data from the Association of General Contractors of America shows that the construction industry has more than 600,000 employers in the US and creates nearly $1.3 trillion worth of structures each year.

Undergoing a construction project comes with its inherent risk. And each project is unique in its rights. But where do you begin to define the risks?

Inherent risks are those that exist based on the general characteristics of the project. These are risks that can appear regardless of the specific nature of the project. None of the inherent risks mean that the project is in trouble. Many of these risk factors will be rated as low or medium-level risks. Even if you identify an inherent risk as high, other project factors will come into play as well.

In this CPE webinar, we will look at the CARE © methodology developed by the speaker Denise Cicchella to identify risk and be able to define project success.

Key topics covered in this course:

Building a Risk Matrix
What is construction risk?
Types of Risk
Examples

Construction is a risky business. Each construction project is unique and comes with its own set of challenges and opportunities. Identifying and managing construction project risks can be tricky, but not impossible with careful planning and execution.

This CPE Auditing webinar will give students the foundation needed to properly define project risk. Even projects that rely on project managers to assign the risk will be surprised. It will touch on internal controls to deal with risks but taking the Project Controls course will be more in-depth.

This webinar is a part of the Construction Audit Series by Denise Cicchella!

Overview

What is Construction risk?

13 mins
What makes it chaos

19 mins
Some unforeseen risks

33 mins
Other investment appraisal risks

53 mins
Project operations risk

80 mins

Webinar Qualifies For

2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
2 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
2 CPD Credit of Accounting & Auditing for CPA in Canada
2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
2 CPE Credit of Auditing for Certified Management Accountants (CMA)
2 CPE Credit of Audit Risk for Certification in Risk Management Assurance (CRMA)
2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
2 CPD Credit for Association of Chartered Certified Accountants (ACCA)
2 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
2 CPD Credit for Chartered Accountant - ICAEW
2 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
2 CPE Credit of Auditing for Certified Internal Controls Auditor (CICA)
2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
2 CPD Credit for Chartered Accountants - Scotland
2 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
2 CPD Credit for Chartered Accountants - Ireland (CAI)
2 CPD Credit for CPA - Ireland
2 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
2 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
2 CPE Credit of Auditing for Certified Controls Specialist (CCS)

About Instructor

Denise Cicchella

Founder & CEO, Auspicium

Denise Cicchella is a recognized expert in construction audit, protecting owners from the overpayment of construction costs due to error, negligence or fraud.

Dense is a Certified Internal Auditor, Certified Fraud Examiner, Certified Construction Auditor, Project Management Professional and Fellow of the Life Management Institute. She holds an MBA in International Business from Fairleigh Dickinson University and a BBA in Accounting from Loyola University. She is the Founding President of the New York/New Jersey Chapter of the National Association of Construction Auditors. She has audited and led audit teams for small construction project as well as multi billion dollar projects.

She is an experienced trainer and can often be seen teaching domestically and internationally.

Additional Information

Duration

2 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

Click Here to View

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.2

Excellent

Very Good

Average

Poor

Terrible

Mara Ash, CRMA, CGAP, CGFM, CIA

Love this Construction Series!

CHL

Cheryl Hines Ladson, EA

This is so interesting

Nina Kvartek-zadotti, CPA (US)

Overall, I am grateful for the experience of the webinar. However, despite the presenter being knowledgeable in the subject matter, she appeared very distracted during certain periods. Examples include handing items to someone off camera, leaving the webinar momentarily and dogs barking in the background. This was only a 2 hour webinar so it provided an unprofessional atmosphere.

2 Credits

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Auditing

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Construction Project Risk

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Denise Cicchella

Other Details

Additional Information

2 Hours

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.2

Mara Ash, CRMA, CGAP, CGFM, CIA

Cheryl Hines Ladson, EA

Nina Kvartek-zadotti, CPA (US)

Subject Area

Unlimited Access Plan

Inclusions

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