A Conversation with Valerie Rogers Smith: A Leader in Construction Audit & Advisory
Construction projects are complex, involving millions of dollars, countless stakeholders, and strict timelines. But who ensures that everything is running as it should, from the dollars spent to the details in the contract? We sat down with Valerie Rogers Smith, Director of Construction Audit & Advisory, to talk about her career path, what makes construction auditing unique, and why building trust with clients is essential.
Q: How would you describe what you do to someone not in the industry?
Valerie Rogers Smith:
Construction audit is diversified because we have so many different clients, and even if we are doing the same type of audit, we do different things on each audit.
It is not just contract compliance and accounting like some people might expect. Our work also includes evaluating unexpected occurrences/events during the project, such as the impact of tariffs, subcontractor, and/or contractor claims, extended general conditions, schedules, and allowances and contingency. Every audit is unique because each client and project is different. Some of our team members even come from engineering or program management backgrounds, which adds another layer of expertise.
Q: As a director, how does your role differ from the audit work itself?
Valerie Rogers Smith:
I am still very involved in fieldwork, but I also spend more time at the higher level—working on business development, attending conferences, giving presentations, hiring new employees, and training new employees or performing project specific training.
We are also currently focused on building a team with diverse skills. As such, we are always evaluating what our team needs and how to expand our team to fit those needs. I get asked what we are looking for in audit personnel and we do not necessarily need someone who has an extensive audit, accounting, or construction background. Although that experience helps, we look for people with differing backgrounds. In fact, we have a couple of team members with project management and engineering skills, which are also great for construction audit.
Q: What was your path into construction audit?
Valerie Rogers Smith:
My path started when I was in my teens, and I started leasing apartments at the complex in which I lived. I had an interest in accounting, so I transferred to their corporate office and began working in their apartment construction accounts payable department.
I was promoted and I was managing a small team for the complexes they were building all over Phoenix at the time. They were bought out by Equity Residential, and while I was offered a position, I accepted a different opportunity as an assistant accounting manager. In this role I learned more about accounts payable and job cost accounting, accounts receivable, payroll, all the things. It was this job that led to my passion for construction as I could see the industry continuously evolved, projects were full of unknowns, and watching projects progress was fascinating.
I worked my way up through the accounting department to Controller and eventually an Assistant Regional Controller. I worked as a construction accountant in some capacity for a Contractor for the first half of my career. And then, the honest answer is I realized I was bored. I felt like it was Groundhog Day every day and the project fire drills just were not the same. So, I began looking for a job where things were a little bit different. It just so happens I interviewed, and got, a job at a CPA firm as a construction auditor. I was brought on at a manager level and was there for eight or nine years. I met Vince Chapman while working there and then Vince called me after he began working with HPM, and I have worked with HPM for 10 years now.
So really, my path was from the bottom up in accounting, then a leap into audit and advisory.
Q: Is construction audit & advisory a niche field? How do people typically enter it?
Valerie Rogers Smith:
It is a niche. It is also interesting because everyone on our team came up a bit differently. Some, like me, came through construction accounting. Others came from CPA firms, while some came from engineering and project management.
The beauty of the field is that you can bring different strengths to it. For example, teaching someone construction is often easier than teaching someone how to audit. So, we look for detail-oriented people who can also see the big picture.
For those coming straight out of school someone in general accounting that may be getting bored with the redundancy of accounting could be a perfect candidate. Some people love it, but if they get bored by that, this would be something that could be a good path.
I think it is really interesting and can honestly be fun. I think that if more people were aware of construction auditing and what it entails, there would be more interest in careers in the field because it can be described in many ways, but I would never say it is boring.
Q: Building trust seems crucial in your work. How do you approach that with clients?
Valerie Rogers Smith:
Trust is hugely important. Without it, clients would not come back and so many of our clients are repeat, long-term partners that we have worked with for many years. Trust is the most important factor in that relationship.
They must know you have their best interest in mind, and you are not just trying to make a buck, right? We really focus on communicating with them. Sometimes that means being honest and telling them they do not need all the services they asked for. They might come in and ask for 20 things and we find out they only need three.
We do not want to take advantage of that relationship or the trust we have. We try to be realistic with our clients too. Just because you are doing an audit does not mean the client will see huge recoveries. Audits can also result in better Owner controls, lessons learned, or peace of mind. It can mean a lot of things, and we do try to emphasize that.
Q: What’s the biggest value construction audit & advisory provides to project owners?
Valerie Rogers Smith:
It gives owners clarity. It helps them understand where their weaknesses might be, such as simply awarding contracts based on long-standing relationships with contractors versus putting the project out for competitive bids.
Many owners that hire us are executives that operate on a high level. They do not have time to dig into those details and really understand the detailed project costs, reimbursable charges, cash flow, etc. They know they spent $1 billion on this amazing project; however, they do not know exactly where it all went. Having an auditing partnership educates them on things they might not look at on a day-to-day basis.
Ultimately, it is about partnership. We bring expertise that allows owners to make informed decisions, report confidently to their boards, and run projects more efficiently.
Final Thoughts
Construction audit & advisory may be a niche field, but as Valerie shares, it is one full of variety, opportunity, and impact. Whether you come from accounting, engineering, or project management, the key is curiosity, attention to detail, and a commitment to helping clients succeed.
Connect with Valerie on Linkedin and explore our Construction Audit & Advisory services page to learn more about our team’s projects and expertise.
