Construction Contractors: Auditing Considerations

Auditing a construction client is, at its core, an audit of individual contracts. However, there are many more aspects of the entity that need to be considered. This course will cover those concerns and assist you in gaining the skills to complete the task.

• Identify the riskiest areas when auditing the contracts of a contractor, and recall common audit procedures that must be performed to address these specific risks.
• Recall the considerations of the applying risk assessment procedures specifically in the audit of construction contractors.
• Recall the common three phases of contract review during audit planning.
• Recall the common audit procedures to test each of the five key components of the contractor's audit model.
• Identify specific controls that are effective in mitigating the significant risks present in the construction industry

• Revenue recognition
• Contracts
• Contractors
• FASB ASC 606
• Audit planning
• Audit risks
• Internal controls