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Megan Wells is a Senior Managing Director at Ankura based in Seattle. She has more than 25 years of experience in forensic accounting, mainly performing construction cost auditing and analysis of construction claims. Megan was formerly a Director and a Vice President in the Global Construction Practice at two consulting firms.
Megan’s experience includes performing construction cost auditing services to include review of contractors’ records of direct, indirect, and overhead costs and analysis of construction claims. Examples of her work performed contemporaneously with the project and post-contract completion include: verifying payment applications; calculating or providing verification of change order cost proposals; calculating daily jobsite or home office overhead rates; reviewing labor rates and burden on labor rates to ensure amounts are contractually allowable; reviewing bid to budget reconciliations; calculating project cost overruns; testing of claimed costs versus supporting cost documentation; analyzing labor productivity claims; determining contractual compliance of billed project costs; analyzing overhead and profit mark-up components; and analyzing termination cost accounting calculations.
Megan’s professional experience includes:
- Stanford University Internal Audit – Currently assist the Internal Audit Department and Office of the Chief Risk Officer to conduct numerous incurred cost reviews of major construction projects, including two hospitals that recently completed construction, as well as operational reviews of internal procurement, bidding, and project controls. Work includes analyzing general contractor and subcontractor costs and fees, general conditions costs, GMP adjustments, and labor rates; evaluating internal bidding and selection processes for vendors and subcontractors; evaluating the construction team project controls and reporting; identifying financial and compliance risks; preparing reports; and presenting results and findings. Ankura personnel have had this relationship with Stanford for over 20 years.
- University of Washington Open Order Auditing Contract – Currently assist Facilities personnel at the University of Washington in multiple capacities, including assistance with setting the labor rates, equipment rates and billing practices for Integrated Design Build Risk Reward Contracts, Electrical Contractor/Construction subcontracts and Mechanical Contractor/Construction Manager subcontracts during contract negotiations; comparing recorded costs to billings during the course of projects and at the final GMP / MACC contract close-out; performing cost analyses of construction cost claims and change orders; and analyzing financial statements and bonding documentation of proposing General Contractor/Construction Management firms on all University projects to determine financial viability of the firms prior to final contractor selection, among other services. Ankura personnel have had this relationship with the University of Washington for over 20 years.
- University of Washington Compliance and Risk Services – Currently assisting CRS personnel with pricing and submitting claims to a National Laboratory and the Department of Energy related to a radiation spill at a University of Washington laboratory. Developed policies and procedures for submitting claims, as well as compiling and testing grant salary costs, indirect costs, and non-personnel costs from the various UW departments for submission. Also interface with UW Facilities personnel related to the construction and repair as well as the Internal Audit Department.
- Sound Transit U240 Capitol Hill Station and Rail Project – Assisted in house and outside counsel for the Central Puget Sound Regional Transit Authority (“Sound Transit”) to review the general contractor’s recorded costs and claims on the Sound Transit U240 Capitol Hill Station and Rail Project that is part of the 20-mile Link Light Rail expansion project. The contractor had a substantial delay claim, requesting both field office and home office overhead costs. Reviewed the components of the claimed field and home office overhead daily rates and identified unallowable cost elements and double-counted cost elements. Prepared adjusted field and home office overhead rates, repriced the claim, submitted report and presented findings at mediation.
Testimony / Alternative Dispute Resolution Experience
- Provided oral and written expert testimony in arbitration and state and federal court.
- Participated in numerous mediations, disputes review board, and other dispute resolution proceedings.
Selected Lectures, Seminars, and Publications
- Moderator of Joint Ankura / ABA Webinar, “Using the Mechanical Contractors Association of America’s Labor Productivity Factors: Is it a Modified Total Cost Approach in Disguise?”
- National Business Institute, “Interpreting Financial Records for Use in Your Case in Washington”
- Northwest Construction Consumer Council, “Audits and Delay”
- Washington Cities Insurance Authority, “Strategies for Dealing with Problem Projects”
- “Construction Cost Audits – Experts Can Save You Money,” Construction Claims Monthly, Co-Presenter
- WSBA Construction Law Mid-Year, “Audit Clauses and Obtaining Documentation to Quantify and Analyze Damages”
- “Pricing Contractor Jobsite Overhead Delay Costs,” GRC Educators, Co-Presenter
- Navigant Construction Forum, Co-Author, “Benefits of Cost Accounting Consistency for Contractors and Subcontractors – The “Apples to Apples” Comparison”