Jul 21, 2016
Determined to obtain an accurate cost for the Denver International Airport hotel and transit center, Auditor Timothy M. O’Brien, CPA, commissioned an independent audit from BKD, one of the largest CPA firms in the country. After months of analysis, BKD found that the hotel and transit center had a total cost of just under $720 million.
“Last year there was a lot of talk about the DIA Hotel and Transit Center being over budget,” explained O’Brien. “But I believed it was irresponsible to speculate about the cost. Instead, I asked BKD, already tasked with doing the large annual external audit of the City, to determine the true cost. BKD applied ‘agreed-upon procedures,’ a standard auditing practice to determine the actual cost of a project. The agreed-upon procedures showed that the actual cost of the hotel and transit center was just under $720 million.”
BKD’s report on the application of agreed-upon procedures was discussed by Denver’s Audit Committee on July 21. The agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. From a listing of payment applications, contractor payments and DIA allocation methodology, the auditors obtained a schedule showing the costs allocated to each of the integrated projects: the Westin Hotel and Conference Center, the public transit center and the public plaza.”