Accounting And Auditing For The Construction Industry Webcast | 4193463A

Instructors

Date :
July 12, 2019 8:30 AM - 12:00 PM
Location :
Webcast
Facility :
Webcast Remote
Level of Difficulty :
Basic
Member Price :
150.00
Nonmember Price :
201.00
CPE Credits :
CPE 4.00, AA 4.00
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Take a focused look at accounting, reporting and auditing for construction contractors. Discuss technique examples that provide a realistic audit approach for the contractor, including detailed auditing procedures for many types of contracts.

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

Objectives:

  • 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

Advanced Prep:

None.

Misc. Information:

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Level of Difficulty:
Basic
Field of Interest:
Accounting
Prerequisites:

None.

Designed For:

CPAs and financial professionals.

Instructors

Eugene J. Ristaino
Gene Ristaino is a partner/member of Isdaner & Company, LLC, a local firm of 65 people in Bala Cynwyd PA (Philadelphia area) and is the director of accounting, auditing and quality control for the firm. Gene manages a diversified accounting practice (over 40 years of experience) specializing in the construction and real estate industries. He also provides consulting services for developers and contractors in cost certification and analysis, claim support and documentation, expert witness, business valuation and job cost system implementation and improvement. 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) certified by the American Institute of Certified Public Accountants (AICPA). 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. Gene has a Masters in Taxation (MT), concentrating in corporate taxation, with a specialization in the real estate and construction industries. Gene's diversified background includes a concentration in the governmental and not-for-profit auditing sectors, including HUD, Circular A-133 and the Single Audit, as well as healthcare, manufacturing, transportation, retail and service organizations. Gene is a national instructor for the American Institute of Certified Public Accountants (AICPA) and many state societies. He also lectures for many industry associations, and has authored numerous professional education programs, including several one-day seminars. Gene is a member of the American and Pennsylvania Institutes of Certified Public Accountants and currently serves on the Peer review and A&A Procedures committees for the Pennsylvania Institute of Certified Public Accountants. Gene is 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.
No Agenda or Materials posted.