FAQ: How do audit costs differ?
We get asked “How much will an audit cost?” almost every day. Auditors generally charge by an hourly rate. The rates vary depending on the experience and requirement of the auditor chosen.
There are many factors for why the cost of an audit would differ. Some of these variables to consider may include:
- Nature and extent of contamination;
- Timing and quality of the consultants assessment and remediation work;
- Complexity of the site and future use;
- Number of documents for audit review; and,
- Need for a site inspection.
If you engage an auditor early in the process then this may result in significant cost savings by reducing any possible project delays.
Best case scenario would be a site that has undertaken due diligence prior to purchasing and has resulted in minimal contamination impact to human health and the environment, complemented with good quality consultant reports for auditor review.
A more complicated scenario may be a proposed mixed-use site purchased on a contaminated property without any due diligence (resulting in further testing and remediation works) together with poor quality consultant reports and engaging an environmental auditor late in the process.
What types of documents do Auditors need to review?
Auditors review all sorts of documents, including results from soil sampling and analysis, groundwater monitoring events, remediation action plans, site environmental management plans, planning and development plans, any other relevant documents at the request of the auditor to assist in the audit outcome.
Although those Auditors with more years’ experience may have a higher hourly rate, they may add value by completing document reviews quicker or pick up on issues for faster attention by the client. Choosing the right Auditor for your project will make a difference to the project’s bottom line.
At AEA, we have seven Auditors with multiple accreditations/appointments across the country and a variety of disciplines. Call one of our offices to find the right Auditor to suit your project.