Auditing Construction Contractors

Audit construction contractors more effectively by targeting the estimates that drive reported revenue and profit. This course explains how to assess contractor-specific controls, design industry-focused audit procedures, and test percentage-of-completion calculations. Learn to evaluate management assumptions, scrutinize cost-to-complete estimates, and determine when to use specialists. Build the expertise needed to manage risk, challenge complex estimates, and deliver rigorous, well-supported audit conclusions in the construction sector.
Format

PDF Course

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Duration

3 Hours

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Course Information

Author: Steven Bragg
Course Number: AU1030

Learning Objectives
  • Recognize why an audit strategy is needed, and what it controls.
  • Identify the issues associated with the environment in which a construction contractor operates.
  • Specify the risk assessment steps associated with the audit of a contractor.
  • Recognize when a contractor’s internal audit function can be used by the auditor.
  • Identify how an auditor can reduce the audit risk for a construction contractor audit.
  • Specify the accounting controls that a construction contractor might use.
  • Recognize when a misstatement is considered to be material.
  • Identify the actions that can be taken to reduce detection risk.
  • Specify the events or conditions that indicate the presence of a risk of material misstatement.
  • Recognize the audit steps that are specifically associated with the audit of a construction contractor.
  • Identify the areas in which an auditor may choose to hire a specialist when auditing a construction contractor.
  • Specify who is responsible for fraud prevention and detection.

Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Auditing
Prerequisites: None
Advance Preparation: None
Latest Review Date: June 2024
Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.