Construction Contractors - Real-World Guide to Accounting and Auditing

CATEGORY: Specialized Knowledge & Applications

COURSE ID: CPWRLD, VERSION 7.00

(112)

Online & Mobile

4 CPE Credits

Level: Basic

With the current real estate market and construction climate, opportunities for fraud abound. This program considers the current construction and surety climate and the CPA's role and interaction with them. It reviews how CPAs can work with their clients in establishing and maintaining strong relationships with a bonding agent and surety. Current GAAP, change orders, and important analytical procedures for the construction industry are all examined in this program. This program looks at ways CPAs may add value to their clients. Additional considerations in this program are effective and efficient audit engagements of contractors with specific consideration of fraud in a financial statement audit.

This course is most beneficial to professionals new to construction accounting who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this subject.

4 Credits

$79.00

Online & Mobile

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A Real-World Introduction
1. An Overview of the Construction Industry Today
2. The CPA's Role in Today's World of Construction
3. Value-Added Services
4. What Makes Construction So Unique Yet So Difficult?
5. A Real-World, Real-Quick Overview of CPA Malpractice
6. Summary
A Real-World Look at the Surety Industry and Its Impact on the Construction Industry
1. The Surety Industry
2. Parties to the Bond
3. Types of Surety Bonds
4. Departments of the Typical Surety
5. Today's Surety Industry
6. Surety Underwriting
7. Financial Ratios
8. Determining Surety Credit
9. Surety Warning Signs of Possible Future Contractor Failure
10. How External CPAs Can Assist Their Clients in Obtaining Maximum Bond Credit
11. The Surety and the Troubled Contractor
12. How CPAs Can Assist Their Troubled Clients When Working with a Surety Claims Department
13. The Bond Agent
14. A Major Pitfall Many CPAs Fall Into: Tax Planning
15. Summary
A Real-World Look at Selected Financial Statement Disclosures for the Construction Industry
1. Financial Statement Disclosures
A Real-World Look at Review Engagements for Contractors
1. The Two Most Important Review Procedures
2. Recent Developments
3. Inquiries
4. Analytical Procedures
5. What to Do with the Results
6. Deficiencies Noted in the Performance of Review Procedures
7. CPA Malpractice Related to Review Engagements: A Real-World Look
8. Summary
A Real-World Look at Selected Audit Issues Critical to the Construction Industry
1. Introduction
2. Fraud
3. Confirming Contract Receivables
4. Estimated Costs to Complete
5. Audit Documentation
6. A Real-World Look at Effectively and Efficiently Closing the Audit
7. How to Audit a Contractor More Effectively and Efficiently
8. Areas of Common Over-Auditing and Under-Auditing; A Real-World Look
9. Independence and the Construction Audit
10. CPA Malpractice Lawsuits Related to Construction Audits: A Real-World Look
11. Summary

Construction Contractors - Real-World Guide to Accounting and Auditing

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