Auditing Methods of Choice under Project Management Contract

Project management contract (Project Management Contract, PMC) has brought many problems to internal audit of construction organizations, which is a new management model from ab road. This paper put forward an audit mode which changes the center of the internal audit from follow-up audit of entire construction process to "the first-and-end" audit mode. "The first" stresses auditing matters including the PMC contractor's qualification, the contract terms and cost, the project preliminary decision-making and responsibility etc, on the other hand, "the end" is performance audit mainly focusing on the finish of the project. This paper also brought forward the methods used to control the risks from the application of "the first-and-end" audit model.