Get the industry-specific knowledge you need to successfully perform every aspect of an audit for a construction contractor. From best practices related to revenue recognition methods, to job costing, to common joint ventures, this Guide has you covered.
Auditing guidance has been completely re-written, and includes the latest requirements set forth in the new standards, as well as the necessary implementation of the Clarified Auditing Standards. This mandatory information is essential for properly completing an audit of a construction contractor.
This guide includes expanded coverage of group audits, auditor’s reports, and reporting on supplemental information. In addition, it covers:
Revenue recognition— Avoid costly revenue recognition errors through a detailed analysis of the acceptable methods of contract accounting, including POC and completed contract.
Auditor’s report— Ensure your compliance with the new headings and format requirements in AU-C section 700.
Audit risk factors— Be aware of and in compliance with the new and expanded Group Audit requirements of AU-C section 600. Be sure that your firm is properly considering the group and component aspects of the audit.
Multiemployer pension plans— Know the requirements for disclosing your involvement, and the consequences of planned changes in your participation level, through an expanded look at FASB ASU No. 2011-09.
Presentation of Supplementary Information— Be sure to know your duties with respect to audit evidence, management representations and presentation of that information in relation to the financial statements as a whole.
Clarified Auditing Standards—All auditing content has been fully conformed to reflect changes resulting from the Clarity Project.