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OnDemand Course

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 33 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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Why Lorman?

Over 33 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 Course

This course was last revised on May 7, 2018.

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

  • AIA 1.25
     
  • Lorman Education Services is a registered provider of AIA-approved continuing education under Provider Number J2016. This course is approved for 1.25 Learning Unit hour(s). Prerequisite: None, Program Level: Intermediate: Advanced Preparation: None All registered AIA CES Providers must comply with the AIA Standards for Continuing Education Programs. Any questions or concerns about this provider or this learning program may be sent to AIA CES ([email protected] or (800) AIA 3837, Option 3). This learning program is registered with AIA CES for continuing professional education. As such, it does not include content that may be deemed or construed to be an approval or endorsement by the AIA of any material of construction or any method or manner of handling, using, distributing, or dealing in any material or product. AIA continuing education credit has been reviewed and approved by AIA CES. Learners must complete the entire learning program to receive continuing education credit. AIA continuing education Learning Units earned upon completion of this course will be reported to AIA CES for AIA members. Certificates of Completion for both AIA members and non-AIA members are available upon request.
     

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.

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Why Lorman?

Over 33 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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Why Lorman?

Over 33 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.

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Product ID: 402128
Published 2018
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