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Quest Training

Capital Project Auditing Training Course

Equips auditors to review capital projects from feasibility and approval to delivery, testing cost accuracy, budget and schedule compliance and key controls.

RCA · Internal Audit & Internal ControlsAll Levels#2633ClassroomEnglish , Arabic
Duration
5 Days
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Free substitution at any time · 30+ days' notice: full refund minus 10%. Cancellation policy

Sectors:Risk, Compliance & GovernanceCategories:Internal Audit & Internal Controls

Course Overview

This advanced training course provides a practical framework for auditing capital projects, focusing on investment decision integrity, cost accuracy, budget and schedule compliance, and the effectiveness of financial and operational controls throughout the project lifecycle. The programme covers all major project stages, from feasibility studies and investment approvals through planning, design, procurement, execution, change management, testing, commissioning, and financial close-out. It addresses contract reviews, claims, payment certificates, capital expenditure verification, and the accuracy of cost classification and supporting documentation. Particular emphasis is placed on identifying cost overruns, fraud indicators, waste, procurement and contract control weaknesses, inaccurate estimates, and unauthorised changes to project scope. Participants also examine variance analysis, performance indicators, and risk-based auditing techniques to identify areas requiring further investigation. Through practical case studies, participants develop skills in audit planning, control testing, evidence analysis, findings documentation, financial impact assessment, and recommendation development. The programme supports stronger governance, more effective capital allocation, and greater accountability in project delivery.

Learning Objectives

  • Develop an integrated auditing methodology for capital projects across their lifecycle.
  • Evaluate the integrity of feasibility studies, investment approvals, and capital expenditure decisions.
  • Review cost estimates, project budgets, contingencies, and financial reserves.
  • Verify cost accuracy and the classification of capital and operating expenditure.
  • Assess procurement, tendering, contract management, and supplier controls.
  • Examine payment certificates, claims, and contractual variations.
  • Analyse cost, schedule, and scope deviations.
  • Identify indicators of fraud, waste, conflicts of interest, and control weaknesses.
  • Evaluate project risk management, change control, and contingency utilisation.
  • Apply risk-based auditing techniques to prioritise audit activities.
  • Prepare evidence-based audit reports with financial and operational impact assessments.
  • Develop corrective recommendations to strengthen capital project governance and controls.

Who Should Attend

Internal and External Audit Managers Capital Project Auditors Chief Financial Officers and Financial Controllers Project Managers and Investment Portfolio Managers Project Cost Control Managers Contract and Procurement Specialists Project Accountants and Management Accountants Risk, Governance, and Compliance Managers Cost Engineers and Planning Engineers Financial Control and Investment Professionals Audit Committee Members Asset Management and Capital Investment Specialists

Learning Outcomes

  • Develop an audit plan covering the complete capital project lifecycle.
  • Evaluate feasibility studies, investment approvals, and project governance controls.
  • Review project budgets, cost estimates, and contingency provisions.
  • Verify recorded costs and the accounting classification of expenditure.
  • Test controls over tendering, contracts, procurement, and payments.
  • Analyse contractual claims and variations and determine their financial implications.
  • Measure and interpret cost, schedule, and scope deviations.
  • Identify indicators of fraud, waste, and inadequate project controls.
  • Apply audit testing techniques and evaluate supporting evidence.
  • Assess compliance with delegated authorities, policies, and approved procedures.
  • Prepare clear, traceable audit findings and reports.
  • Develop measurable corrective action plans and monitor their implementation and effectiveness.

Course Outline

Day 1

Capital Project Auditing Fundamentals & Audit Planning

  • Objectives and principles of capital project auditing
  • Project lifecycle from feasibility assessment to close-out
  • Governance structures, roles, responsibilities, and approval authorities
  • Reviewing feasibility studies and investment justifications
  • Verifying capital expenditure approvals and investment decisions
  • Defining audit scope, objectives, and evaluation criteria
  • Preliminary risk assessment and identification of material areas
  • Reviewing financial policies, procedures, and internal controls
  • Identifying required documents and project data
  • Developing audit programmes and control tests
  • Sampling techniques and data analysis for audit testing
  • Practical Application: Develop an audit plan for a capital project, identifying key risks, audit scope, testing procedures, and required evidence.
Day 2

Cost Auditing, Budget Control & Financial Verification

  • Reviewing cost estimates and approved project budgets
  • Assessing estimating assumptions and contingency provisions
  • Verifying the accuracy of recorded project expenditure
  • Distinguishing capital expenditure from operating expenditure
  • Reviewing engineering, procurement, construction, and commissioning costs
  • Verifying payment certificates, invoices, and progress claims
  • Matching payments against contracts, purchase orders, and supporting documents
  • Analysing budget overruns and cost variances
  • Reviewing contingencies, additional costs, and remaining cost forecasts
  • Evaluating financial commitments and cash flow controls
  • Reviewing accounting treatment and capitalisation eligibility
  • Practical Application: Examine a project cost ledger, test a sample of payments, and identify financial errors, variances, and control risks.
Day 3

Contract, Procurement & Change Management Auditing

  • Reviewing contracting strategies and tender documentation
  • Assessing competition, transparency, and fairness in contract awards
  • Verifying contractual approvals and delegated authority compliance
  • Auditing purchase orders and supplier evaluation processes
  • Reviewing payment terms, guarantees, and contractual retentions
  • Examining claims, compensation, and delay penalties
  • Auditing variation orders and their cost and schedule implications
  • Reviewing time extensions and scope modifications
  • Assessing contractual risk allocation and accountability
  • Identifying conflicts of interest and procurement fraud indicators
  • Verifying contract file completeness and decision traceability
  • Practical Application: Review a project contract, variation orders, and financial claims to identify approval gaps, documentation weaknesses, and financial exposure.
Day 4

Performance Auditing, Risk Management & Overrun Detection

  • Analysing cost, schedule, and scope variances
  • Reviewing progress reports and actual completion percentages
  • Assessing the accuracy of final cost and schedule forecasts
  • Analysing financial and operational performance indicators
  • Applying Earned Value Management where suitable data is available
  • Reviewing project risks, contingencies, and mitigation plans
  • Assessing change control, escalation, and decision-making processes
  • Identifying waste and unjustified expenditure
  • Detecting unusual payment patterns and duplicate invoices
  • Evaluating supporting evidence and data consistency
  • Identifying root causes of cost overruns and control failures
  • Practical Application: Analyse a delayed and over-budget project, identify the causes of variances and control weaknesses, and recommend corrective measures.
Day 5

Audit Reporting, Project Close-Out & Corrective Action Monitoring

  • Consolidating audit test results and evaluating evidence sufficiency
  • Classifying findings according to significance, impact, and risk
  • Quantifying the financial impact of irregularities and overruns
  • Identifying root causes and control accountability gaps
  • Developing risk-based and prioritised recommendations
  • Preparing audit reports for senior management and audit committees
  • Presenting findings to project management and relevant stakeholders
  • Monitoring corrective actions and verifying implementation
  • Reviewing completion, acceptance, and financial close-out documentation
  • Verifying the resolution of outstanding commitments and claims
  • Capturing lessons learned and improving future project controls
  • Final Workshop: Prepare a comprehensive capital project audit report covering evidence-based findings, financial impact, root cause analysis, recommendations, and a corrective action monitoring plan.

Upcoming Dates

Selected date

Muscat · 11 – 15 Oct 2027 · Classroom

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RomeScheduled
2 – 6 Nov 2026€5,800—
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Sharm El-SheikhScheduled
9 – 13 Nov 2026€4,300—
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SingaporeScheduled
16 – 20 Nov 2026€6,700—
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ViennaScheduled
23 – 27 Nov 2026€5,700€5,130until 2 Nov
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ParisScheduled
23 – 27 Nov 2026€5,700€5,130until 2 Nov
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AmmanScheduled
29 Nov – 3 Dec 2026€3,100€2,790until 9 Nov
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AmsterdamScheduled
30 Nov – 4 Dec 2026€5,400€4,860until 9 Nov
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BarcelonaScheduled
7 – 11 Dec 2026€5,400€4,860until 16 Nov
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CairoScheduled
14 – 18 Dec 2026€3,300€2,970until 23 Nov
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RiyadhScheduled
14 – 18 Dec 2026€4,200€3,780until 23 Nov
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CasablancaScheduled
21 – 25 Dec 2026€4,300€3,870until 30 Nov
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DammamScheduled
28 Dec 2026 – 1 Jan 2027€4,200€3,780until 7 Dec
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DohaScheduled
4 – 8 Jan 2027€4,400€3,960until 14 Dec
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SalalahScheduled
4 – 8 Jan 2027€5,300€4,770until 14 Dec
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DubaiScheduled
10 – 14 Jan 2027€4,400€3,960until 21 Dec
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FrankfurtScheduled
11 – 15 Jan 2027€5,800€5,220until 21 Dec
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GenevaScheduled
18 – 22 Jan 2027€6,300€5,670until 28 Dec
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AbujaScheduled
18 – 22 Jan 2027€5,100€4,590until 28 Dec
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IstanbulScheduled
25 – 29 Jan 2027€4,700€4,230until 4 Jan
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JeddahScheduled
31 Jan – 4 Feb 2027€4,200€3,780until 11 Jan
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Kuala LumpurScheduled
8 – 12 Feb 2027€4,400€3,960until 18 Jan
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AccraScheduled
8 – 12 Feb 2027€5,100€4,590until 18 Jan
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LisbonScheduled
15 – 19 Feb 2027€5,400€4,860until 25 Jan
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LondonScheduled
22 – 26 Feb 2027€5,600€5,040until 1 Feb
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MadinahScheduled
1 – 5 Mar 2027€4,200€3,780until 8 Feb
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MadridScheduled
1 – 5 Mar 2027€5,400€4,860until 8 Feb
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BakuScheduled
1 – 5 Mar 2027€4,800€4,320until 8 Feb
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MakkahScheduled
8 – 12 Mar 2027€4,200€3,780until 15 Feb
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ManamaScheduled
15 – 19 Mar 2027€4,700€4,230until 22 Feb
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BangkokScheduled
22 – 26 Mar 2027€6,100€5,490until 1 Mar
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MuscatScheduled
11 – 15 Oct 2027€5,300€4,770until 20 Sept
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