This paper will explore the objective, advantages, and framework of performance audits on construction projects, particularly those funded by public and tax revenue bonds. It will examine how an independent, practical, and valuable assessment can assist in identifying recoverable costs and time, as well as other operational cost savings arising from improved construction project management. This performance audit discussion will help auditors identify typical documents that should be analyzed, uncover potential risks to their organization, and develop checklists for conducting construction performance audits. Using examples of completed performance audits, the authors will analyze the different time periods during the construction project lifecycle when a performance audit can be conducted and the benefits of such audits.
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