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Combating Fraud in Construction

Mitigate the risks of construction fraud and reduce the financial losses stemming from construction fraud.

Recent statistics indicate that construction fraud is as high as 10 percent of total construction revenues annually. This would mean that fraud costs the construction industry more than $100B in the U.S. each year. Given the fast-paced nature of most construction projects, identifying and preventing fraud can be extremely challenging. Project controls, record keeping, and due diligence reviews can sometimes fall by the way side as parties scramble to complete projects on time and on budget, thereby making construction projects susceptible to fraud. This topic helps construction industry professionals understand the risks associated with construction fraud as well as some of the more common types of fraud found within the construction industry. The topic will also help you identify potential signs that fraud is occurring and procedures that can help reduce the risks of fraud. While eliminating construction fraud entirely is unlikely, this topic is essential for construction professionals to mitigate the risks of construction fraud and consequently help reduce the financial losses stemming from construction fraud.

Runtime: 88 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction to Fraud

  • What Is Fraud?
  • Fraud in the Construction Industry

Types and Examples of Construction Fraud

  • Bid Rigging
  • Corruption
  • Asset Misappropriation
  • Other Types of Construction Fraud
  • Construction Fraud Case Examples

Detecting Construction Fraud

  • Fraud at Various Stages of the Construction Process
  • Common Signs of Fraud
  • Auditing Construction Costs
  • Bid Review/Comparison
  • Change Order Review

Mitigating the Risks of Construction Fraud

  • Audit and Other Contract Clauses
  • Site Monitoring
  • Segregation of Duties
  • Competitive Bidding
  • Monitoring Construction Costs
  • Implementing and Maintaining Adequate Project Controls
  • Retain Independent, Third Party Consultants/Professionals, If Needed
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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on May 7, 2018.

Call 1-866-352-9540 for further credit information.

  • AIA 1.25
     
  • Lorman Business Center, Inc. is registered with the AIA Continuing Education System (AIA/CES). This 1.25 hour program offers 1.25 Learning Unit hours, which will be reported directly to the AIA/CES for AIA members.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

  • Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Sashi Mahtani

Sashi Mahtani

Kenrich Group LLC

  • Principal at The Kenrich Group LLC
  • More than 15 years of experience in the investigation and resolution of business disputes, primarily related to the construction and government contract industries
  • Experience includes, (1) investigating allegations of construction fraud; (2) analyzing the reasonableness of construction cost estimates, bid documents, change orders, schedules, invoices, accounting records, and other construction records; and (3) reviewing and providing recommendations for improving project controls on behalf of owners and contractors
  • Certified Fraud Examiner (CFE); Certified Cost Professional (CCP)
  • Other professional associations: Association for the Advancement of Cost Engineering (AACE); Chicago Building Congress – member; Legal Assistance Foundation of Metropolitan Chicago (LAF) – Young Professionals Board member
  • B.S. degree, Civil Engineering, University Of Illinois at Urbana-Champaign
  • Can be contacted at [email protected]
Kimberly R. Reome

Kimberly R. Reome

Kenrich Group LLC

  • Vice president and secretary in the Chicago office of The Kenrich Group LLC
  • Financial damages litigation consultant, specializing in construction and electric power industries
  • More than 25 years of experience in damages analysis with an emphasis on analysis of increased costs, critical path schedule analysis, productivity and lost profits analysis
  • Provided expert deposition and trial testimony and reports, in civil courts and arbitrations
  • M.B.A. degree, Northwestern University Kellogg Graduate School of Management; Bachelor's degree, in finance, Michigan State University Honors College
  • Certified Fraud Examiner
  • Can be contacted at [email protected]
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Product ID: 402128
Published 2018
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