Carol Frey has over 24 years of experience in Construction Cost Auditing, Contract Compliance, Data Analytics, and Accounts Payable Auditing. Carol has a specialized focus on the construction industry and has performed over 60 GMP audits ranging from $80 - $800 million. Carol’s specialty includes real-time monthly General Contractor pencil copy pay application review. Along with generating significant revenue for Fortune 500 clients, Carol consistently brings value to clients by creating an environment of trust and respect with both clients and suppliers.

Carol has a Doctor of Business Administration-Business Intelligence, adding an expertise in analyzing big data from disparate client systems to achieve actionable information needed for informed business decisions. Carol also has a Master of Science with emphasis in Fraud Examination, providing expertise in identifying red flags of fraud and fraud risk. Certifications include Certified Fraud Examiner, Certified Construction Auditor, and Cost Control Professional.

Professional Experience

Carol has provided audit and consulting services to several Fortune 500 clients in construction, healthcare, pharmaceutical, financial services, and manufacturing industries. Clients include Amazon, Amgen Pharmaceutical, University of Illinois, Walgreens, Wal-Mart, CitiFinancial, and Sprint. Prior employers include PRGX USA, Curtiss Wright, and UPMC. Specialized construction audit areas include allowances, change orders, general conditions, insurances, labor rate buildup components, allocated costs, material substitutions.

· Wrapping up work as an embedded auditor on a 6-year, $1.5 billion air cargo hub project consisting of 920 acres for a “ground up” construction project to include a three-million- square-foot sorting facility and parking space for over 100 cargo aircraft along with related public road improvements. Monthly review of general contractor pencil-copy pay applications has resulted in over $10 million of unallowable costs removed from the invoices prior to payment.

· Provided contract audit for architectural services related to a multi-million-dollar construction project. The contract was cost plus with NTE but was being managed and invoiced as percent complete of the NTE. Audit services resulted in the credit of over $1 million dollars in excess billings.

· Performed a contract audit of a $134 million hospital ground-up project of UPMC East in Monroeville, Pennsylvania. The audit identified unallowable and excess general conditions costs relating to labor rate buildup invoiced to the owner.

· Performed construction cost audits for a public university under a 5-year engagement. Scope of audit includes approximately 30 projects per year, ranging from small remodeling projects to large capital improvement projects in excess of $70 million.  

· Asked by client legal department to perform special cost review on two CMaR/GMP construction projects when general contractor invoiced final costs that included over $ 4 million in unapproved change orders. In depth job cost review and comparison to previous billings resulted in the removal of $2.3 million in unallowable costs previously invoiced to the client.

· Led two pilot construction cost audits on completed projects for a client that resulting in over $ 2 million in recoveries and a subsequent 5-year construction audit program with over $30 million in recoveries/mitigated costs.

· Conducted analyses of energy performance contracts (EPC). Assessing contracting, energy conservation measures, invoicing, and energy savings calculation aspects on projects.

· Audits of project costs to identify and quantify inappropriate, duplicative and/or unsupported costs.

· Performed damages analysis of approximately $40 million of cost impacts incurred on the construction of a $700 million battery recycling project, primarily arising from design conflicts and changes.

· Assisted in review and analysis of cost overruns on a $12 billion-dollar light rail project. Assisted the owner and counsel with the quantification of unallowable costs and other damages.

· Analyzed validity and accuracy of claims of over $5 million in damages incurred in the construction of a 39-story tower mixed use project, including schedule analysis of delays to the critical path.

· Performed extensive analysis of potential change orders on a multi-million-dollar development with hotel rooms and condos exceeding $350 million to assist the owner and counsel with quantification of unallowable costs.