Protecting Capital Projects Through Independent Cost Audit, Pay Application Review, and Contract Compliance

Carol Frey, DBA, CFE, CCA, CCIFP, CCP

Founder & Construction Cost Auditor

Carol Frey founded P2P Audit Group to give owners a transaction-level answer to whether every dollar billed was actually incurred, properly supported, and allowable under the contract.

Carol's construction audit and cost-analysis experience spans projects from smaller capital programs to major projects exceeding $1 billion, including airport terminal modernization and baggage-handling systems, multi-year public university capital programs, energy and industrial facilities, light rail and transportation infrastructure, pipeline construction, high-rise and mixed-use developments, and stadiums and public facilities. She has audited GMP, cost-plus, design-build, and EPC contracts, and her detailed cost testing on an approximately $700 million industrial project contributed to the recovery of roughly $1.2 million in overpayments.

Her approach combines construction auditing with fraud examination, cost engineering, construction financial management, and business intelligence. Rather than stopping at invoice review, Carol uses data analytics and transaction testing to trace how costs originated, how they flowed through the contractor's accounting system, and whether the owner is contractually responsible for paying them.