Access our detailed Cost Estimation Audit Work Program for accurate cost estimation, covering bids, labor/material cost, and comprehensive planning steps. Through this tool, you can expect to systematically evaluate the adequacy of compliance with established cost estimation policies and procedures, scrutinize the efficiency and effectiveness of internal controls, and identify areas for process improvements. The program includes various stages of audit planning, fieldwork and reporting, ensuring a thorough understanding of the organizational structure, roles, and responsibilities related to cost estimation.

It includes detailed steps for gathering data, interviewing key personnel, and analyzing the procedures involved in cost estimation—from initial bid preparation to final cost analysis. By using this tool, you can uncover critical insights into how estimates are prepared, updated and compared against actual costs, thereby facilitating the identification of discrepancies and areas where cost efficiency can be improved. Overall, this work program provides actionable recommendations that can lead to enhanced precision in cost estimations and better financial management within your organization.

Sample questions include:

• Who is in charge of the cost estimation/proposal process?
• What departments are involved in the cost estimation process?
• What role does each of these departments play in the cost estimation process?
• What is the average number of cost estimations processed per month?