Construction Contractors: Auditing Considerations
Available Anytime
Location:
Online
6Credits
Accounting and Auditing
Registration is Open
FICPA Members
Nonmembers
$165.00 Regular Price
Product Code: AI23-CL4CAUD
Level: Basic
Vendor: AICPA CPE Division
Field of Study: Auditing
Overview:
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
Objectives:
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
Major Topics:
Key Topics
- Revenue recognition
- Contracts
- Contractors
- FASB ASC 606
- Audit planning
- Audit risks
- Internal controls
Designed For:
Who Will Benefit
Audit professionals with construction clients.