
Construction Contractors: Auditing Considerations
Auditing a construction client is, at its core, an audit of individual contracts. However, there are many more aspects of the entity that need to be considered. This course will cover those concerns and assist you in gaining the skills to complete the task.
Format
Online
NASBA Field of Study
Auditing
Level
Basic
CPE Credits
6
Author(s)
Jennifer Elder
Availability
1 year
Product Number
CL4CAUD21SSO
Revenue recognition complicates contract auditing
Contract auditing has changed, somewhat, in light of the full implementation of FASB ASC 606, Revenue from Contracts with Customers. The AICPA is here to help with this focused contractor auditing course.
You will learn about contract auditing itself and what should raise red flags. You will also learn about:
- Audit risks of a contractor
- Audit planning and risk assessment
- Substantive auditing procedures; and,
- Internal controls
Who Will Benefit
Audit professionals with construction clients.
Key Topics
- Revenue recognition
- Contracts
- Contractors
- FASB ASC 606
- Audit planning
- Audit risks
- Internal controls
Learning Outcomes
- Identify the riskiest areas when auditing the contracts of a contractor, and recall common audit procedures that must be performed to address these specific risks.
- Recall the considerations of the applying risk assessment procedures specifically in the audit of construction contractors.
- Recall the common three phases of contract review during audit planning.
- Recall the common audit procedures to test each of the five key components of the contractor’s audit model.
- Identify specific controls that are effective in mitigating the significant risks present in the construction industry
Group ordering for your team
2 to 5 registrants
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Start order6+ registrants
We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org
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