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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Accounting

Date & Time
  • event Date

    Wednesday, October 2, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$197.00
CPE
ALL

This webinar will review the unique aspects of auditing large and small construction companies. Our panel of construction industry experts will discuss revenue and cost recognition compliance, financial statement presentation and disclosures, and common GAAS and GAAP deficiencies found in these audits.

Faculty

Joseph Malfettano
Partner
Withum Smith + Brown, PC

Mr. Malfettano has over 12 years of experience providing professional public accounting, audit, tax and advisory services, he specializes in servicing clients in the construction, insurance and distribution industries. His construction industry expertise includes working with heavy highway, site work, electrical, steel and other specialty contractors and subcontractors as well as servicing the needs of insurance agencies and managing general agents. Mr. Malfettano also has two years experience as a corporate controller.

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Matthew Trubenbach-Byrne
Audit Manager
Withum Smith + Brown, PC

Mr. Trubenbach-Byrne has approximately 7 years of experience providing professional public accounting, audit, tax and advisory services. He specializes in servicing clients in the construction and real estate industries as well as is involved in Withum’s employee benefit plan audit practice. His construction industry expertise includes working with heavy highway, telecommunications infrastructure and other specialty contractors and subcontractors.

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Julie Christensen
Audit Supervisor
Withum

Ms. Christensen is a Audit Supervisor at Withum. 

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Description

Unlike other industries, the terminology alone for construction companies can be overwhelming. Change orders, claims, WIP or CIP (work in process or contracts in progress), retainage, job costs, billings in excess of costs, and costs in excess of billings must be understood, reported, and disclosed. Accounting for and auditing revenue recognition methods, including the percentage of completion (recognizing revenue over time) or completed contract (recognizing revenue at a point in time), can be challenging. Accounting for and auditing cost recognition for bond, mobilization, and uninstalled material costs, including indirect costs, has its unique challenges, along with auditing a contractor's job cost postings. Most importantly, understanding the types of contracts and key relevant accounting and auditing matters is one of the most important steps in the process.

ASC 606 changed the way revenue is recognized by contractors, certain financial statement reporting requirements, and made it critical for auditors to understand the audit process surrounding ASC 606 during engagement planning, fieldwork, completion, and reporting.

Listen as our panel of construction experts explains meeting GAAS and GAAP guidelines while efficiently completing audit engagements for construction contractors.

Outline

  1. Revenue and cost recognition
  2. Risk assessments
  3. Schedule of contracts and related analytics
  4. Common deficiencies in GAAS and GAAP compliance

Benefits

The panel will review these and other critical issues:

  • Avoiding common GAAS and GAAP deficiencies in construction audits
  • Examining the supplemental schedules of contracts for construction companies
  • Appropriate accounting methods for contractors

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify unique disclosure requirements for construction companies
  • Decide how to avoid common audit deficiencies
  • Determine appropriate accounting methods for construction companies
  • Ascertain how ASC 606 impacts construction contractors

  • Field of Study: Auditing
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.

Strafford Publications, 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 final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.