Auditing Construction Contractors (CPE Course)
Related Courses
CPE Credit: 3 hours
Course Type: Downloaded PDF materials with online test
Price (with PDF Textbook): $35
Course Description
Construction contractors present significant auditing challenges, since they rely extensively on estimates to derive their reported revenue and profit figures. In the Auditing Construction Contractors course, we examine how the auditor can navigate these challenges by delving into contractor controls, as well as audit procedures that are specific to the industry. Particular attention is paid to the auditing of contractor estimates and the use of specialists to assist in this effort.
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 2023
Program Registration Requirements: Click on "Purchase Course" near the top of this page 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.