In the current environment, construction companies face many and increased roadblocks to survive and remain profitable. These increased risks along with the unique aspects of accounting and reporting for the construction industry, provide numerous challenges for those service construction contractors. This course has been designed by Gene Ristaino, CPA, ABV, CFF, MT, a recognized expert in the construction and real estate industry, to provide a more focused look at accounting, reporting and auditing for construction contractors. You will analyze revenue recognition under the percentage of completion method by exploring the underlying details and potential errors that are made using established concepts, including the shortfalls of the "cost to cost" method. You will discuss examples of techniques that will provide a more realistic audit approach for the contractor, including detailed auditing procedures for the various types of contracts. 

Recognize and handle the basic accounting and auditing issues peculiar to the construction industry. Review financial statement presentation and disclosure. Be aware of the specific bonding requirements and objectives. Explore the components of the percentage of completion method of accounting using a risk-based perspective. Address the common pitfalls for error, and learn to apply the principles for all types of general and specialty contractors. Provide an in depth analysis of project costing and job progress to date vs. costs incurred to date. Develop an audit approach for specific identified risks. Address the viability of project site visits.

Objectives:  

-Illustrative computations for revenue recognition

- Preview of recent FASB revenue recognition proposal and the impact on the construction industry

- Application of "risk-based" audit model to contractors

- Evaluation of contractor's estimating process .

- Practical approach to auditing contracts completed and in progress

- Surety package to present to the bonding company

- Detailed audit program for specific high risk areas 

- Numerous computations and alternative approaches