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Accounting & Auditing for the Construction Industry


Total Credits: 4 including 2 Accounting - Technical, 2 Auditing- Technical

Average Rating:
   14
Categories:
Accounting and Auditing |  Partner Produced
Faculty:
Eugene Ristaino
Course Levels:
Update
Duration:
4 Hours
License:
Product Setting: Expires 40 day(s) after program date.

Dates


Description

The construction industry faces many unique issues and challenges to survive and remain profitable.  These challenges include the specialized aspects of accounting and reporting for construction contracts, as well as estimating project costs and profitability.  

You will analyze revenue recognition under the percentage of completion method (including comparing current standards to the new FASB revenue standard) 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. 

Basic Course Information

Learning Objectives
  • To recognize and handle the basic accounting and auditing issues peculiar to the construction industry
  • Identify financial statement presentation and disclosure issues
  • 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
  • Develop an audit approach for specific identified risks
  • Address the viability of project site visits

Major Subjects
  • Illustrative computations for revenue recognition 
  • Analysis of FASB revenue recognition standard and the anticipated impact on the construction industry
  • Application of “risk-based” audit model to contractors
  • The “Lookback” analysis  and the contractor’s estimating reliability
  • Practical approach to auditing contracts completed and in progress 
  • Numerous computations and alternative approaches 

Course Materials

Faculty

Eugene Ristaino's Profile

Eugene Ristaino Related Seminars and Products


Gene develops and provides Continuing Professional Education (CPE) Programs, including in-person seminars and on-line webinars. He also lectures for many industry associations, and has authored numerous professional education programs.  Gene provides tailored CPA programs to accounting firms as requested. Gene is also a national instructor for the American Institute of Certified Public Accountants (AICPA) and many state societies.

 

Gene Ristaino also provides valuation services for private companies, along with accounting and auditing consultation and technical reviews for small and medium-sized CPA firms.  His expertise includes consulting services for real estate developers and construction contractors in project costing and analysis, cost certification, claim support and documentation, expert witness, business valuation and job cost system implementation and improvement.

 

Gene is a retired partner of Isdaner & Company, LLC (2016), a local firm of 65 people in the Philadelphia area, and was the director of accounting, auditing and quality control for the firm. Gene managed a diversified accounting practice (over 40 years of experience), which included accounting and auditing and technical engagement review. Gene concentrated in: real estate and construction; healthcare (nursing homes); the governmental and not-for-profit auditing sectors (yellow book), HUD regulations and the Single Audit Act; as well as substantial experience with manufacturing, transportation, retail and service organizations.

 

Gene has provided expert testimony and/or issued expert reports in numerous litigation support engagements involving real estate transactions, construction claims, family disputes and embezzlement cases. He has provided expert testimony in two Court appearances. He has also prepared construction contract claims, back charge reports, and damage reports in dispute litigation and arbitration.

 

Gene is “Accredited in Business Valuation” (ABV) and “Certified in Financial Forensics” (CFF) as designated by the American Institute of Certified Public Accountants (AICPA). Gene has also achieved his designation of “Accredited in Business Appraisal Review” (ABAR) from the National Association of Certified Valuators and Analysts (NACVA).  Valuation and/or litigation engagements include construction contractors; leisure transportation; travel and tour agencies; manufacturing; real estate investment limited partnerships and LLCs; specialty restaurants; and family limited partnerships. Cases have included dissenting stockholder disputes; buy/sell transaction prices; estate and gift tax issues; and owner disputes. Gene has attended the Business Valuation Course, and the Fair Value Forum developed by the AICPA, the national Valuation Conference presented by the AICPA, as well as many national Forensic and Valuation Programs presented by the National Association of Certified Valuators and Analysts (NACVA).

 

Gene has a Masters in Taxation (MST) from Villanova University. His practice concentrated in corporate taxation for private companies, with a specialization in the real estate and construction industries.

 

Gene is a member of the American and Pennsylvania Institutes of Certified Public Accountants and previously served on the Peer Review and A&A Procedures committees for the Pennsylvania Institute of Certified Public Accountants. Gene was a team captain for the AICPA Peer Review Program, and has performed numerous peer reviews under the AICPA Standards.

 

Gene is a former adjunct professor of tax law for the Masters in Taxation Programs for Villanova University and Philadelphia University. He received his undergraduate BS degree in accounting from Drexel University, and earned his Masters in Taxation from Villanova University.


Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Internal CPAs and CPAs currently servicing construction contractors, providing auditing and review services; you will be able to assist the company with evaluating job profitability, and presenting quality financial information to lenders and bonding companies
Original Recording Date 06/27/2019
Yellow Book No
Course Developer FICPA
Date Added to Catalog 03/29/2019

Additional Information

Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement Business Professionals' Network, 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method Group Internet Based
Course Registration Requirements Online Registration
Refund/Cancellation Policy Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.

Reviews

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Overall:      4.9

Total Reviews: 14

Comments

Linda T - Gainesville, Florida

"Mr Ristiano is an excellent presenter and his materials are also the best I have encountered. "