Construction Contractors: Auditing Considerations - Society of Louisiana Certified Public Accountants

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Overview

Auditing contract revenue can be challenging. Long-term contracts can be even more difficult. You’ll gain the knowledge necessary to conduct a successful audit of contracts.

Highlights

Auditing contractor accounting and revenue from contracts with customers

Planning and risk assessment for construction contractors

Key controls

Substantive procedures for long-term contractors

Prerequisites

None

Designed For

Practitioners, accountants, and financial professionals in the construction industry

Objectives

Identify key risk areas in contractor contracts and the audit procedures used to address them.
Recall the considerations of applying risk assessment procedures specifically in the audit of construction contractors.
Recall the common three phases of contract review during audit planning.
Identify other preliminary procedures and areas of concern common to an audit of a construction contractor.
Identify the five key components of the contractor's audit model.
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.