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Auditing Construction Contractors: Avoiding Common GAAS and GAAP Deficiencies

Recording of a 110-minute CPE video webinar with Q&A

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Conducted on Wednesday, October 2, 2024

Recorded event now available

or call 1-800-926-7926

This webinar will review the unique aspects of auditing large and small construction companies. Our panel of construction industry experts will discuss revenue and cost recognition compliance, financial statement presentation and disclosures, and common GAAS and GAAP deficiencies found in these audits.

Description

Unlike other industries, the terminology alone for construction companies can be overwhelming. Change orders, claims, WIP or CIP (work in process or contracts in progress), retainage, job costs, billings in excess of costs, and costs in excess of billings must be understood, reported, and disclosed. Accounting for and auditing revenue recognition methods, including the percentage of completion (recognizing revenue over time) or completed contract (recognizing revenue at a point in time), can be challenging. Accounting for and auditing cost recognition for bond, mobilization, and uninstalled material costs, including indirect costs, has its unique challenges, along with auditing a contractor's job cost postings. Most importantly, understanding the types of contracts and key relevant accounting and auditing matters is one of the most important steps in the process.

ASC 606 changed the way revenue is recognized by contractors, certain financial statement reporting requirements, and made it critical for auditors to understand the audit process surrounding ASC 606 during engagement planning, fieldwork, completion, and reporting.

Listen as our panel of construction experts explains meeting GAAS and GAAP guidelines while efficiently completing audit engagements for construction contractors.

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Outline

  1. Revenue and cost recognition
  2. Risk assessments
  3. Schedule of contracts and related analytics
  4. Common deficiencies in GAAS and GAAP compliance

Benefits

The panel will review these and other critical issues:

  • Avoiding common GAAS and GAAP deficiencies in construction audits
  • Examining the supplemental schedules of contracts for construction companies
  • Appropriate accounting methods for contractors

Faculty

Trubenbach-Byrne, Matthew
Matthew Trubenbach-Byrne, CPA, CCIFP
Audit Manager
Withum Smith+Brown

Mr. Trubenbach-Byrne has approximately 7 years of experience providing professional public accounting, audit, tax...  |  Read More

Christensen, Julie
Julie Christensen, MSA, CPA, CCIFP
Audit Supervisor
Withum

Ms. Christensen is a Audit Supervisor at Withum. 

 |  Read More
Malfettano, Joseph
Joseph Malfettano, CPA, CCIFP
Partner
Withum Smith+Brown

Mr. Malfettano has over 12 years of experience providing professional public accounting, audit, tax and advisory...  |  Read More

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