United States Department of Transportation
i
Audit Stewardship and Oversight of Large and Innovatively Funded Projects in Europe
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2007-03-01
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[PDF-2.35 MB]
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Abstract:As transportation agencies undertake nontraditional, innovatively financed infrastructure projects, a concern among State and Federal managers is the effectiveness of the audit stewardship and oversight for these projects. The Federal Highway Administration (FHWA), American Association of State Highway and Transportation Officials (AASHTO), and National Cooperative Highway Research Program (NCHRP) sponsored a scanning study to document best practices used in England, France, Ireland, Portugal, and Spain in the stewardship and oversight of large, innovatively funded projects. The scan team observed that the terms of public-private partnership contracts have evolved as the European countries have gained experience in their use, and business models and evaluations have become an integral part of project selection and monitoring. To be effective, public sector project auditors in Europe need a range of skills, such as value engineering, business modeling, capital budgeting, and performance auditing. The team’s recommendations for U.S. implementation include developing a Web site on audit stewardship and oversight best practices. The team also recommends that FHWA and AASHTO provide consultation and training for auditors and other financial managers involved in major or innovative procurement contracts, including development of a project planning model and an audit procedures manual.
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