We are looking for an audit program that addresses construction draw testing and have not been able to find any specific boiler plate programs to build off of. We can make one ourselves but don't want to overlook anything. Can anybody suggest a good resource to review or know of any good audit programs?

Off the top of my head, some of the attributes I would want to test would be:
- is there insurance in place
- are they actually building what we agreed to finance (inspect the property to be sure a $100,000 house is not being built on a property that we agreed to finance a $300,000 house)
- any liens against the property

How about "was the draw properly approved", if required.

Here are some audit steps for a SOX 404 Compliance test we do for construction draws

1. Obtain a listing of construction loans with draws during the testing period.
2. Select a random sample of construction loan draws from different loans for testing.
3. Verify an inspection and title search are performed for each construction draw completed prior to the day of the disbursement.
4. Ensure a physical inspection by a qualified appraiser, inspector, or loan officer is completed to verify the status of the construction.
5. Identify situations where the inspection identified concerns or title search was not clean and determine if the issues were resolved.