Construction Industry – Financial Reporting, Audit/Review Procedures, Internal Control Best Practices and Taxation (CONST2)

4.00 CPE Credit Hours

Join construction industry specialists Anson Martens and Robert Davidson for a comprehensive look at the financial reporting, audit, review, internal control, and tax issues affecting today’s contractors. This focused seeminar explores current industry trends, financial statement disclosures, benchmarking techniques, and the unique audit and review procedures required for construction engagements. Gain insights into contractor-specific internal control best practices, risk assessment considerations, and key tax strategies, including IRC Section 460 requirements and differences between GAAP and tax accounting methods. Whether you provide services to construction clients or work within the industry, this seminar will equip you with valuable tools to strengthen financial reporting, improve engagement quality, and navigate complex tax issues.

Designed For

CPAs, CFOs, controllers, and accounting professionals that work with construction contractors as well as surety analysts, bankers, attorneys, and other advisors that service the construction industry.

Objective

• Gain an understanding of accounting and financial management practices unique to the construction industry.
• Review construction industry financial reporting requirements, disclosures, and benchmarking methodologies.
• Analyze audit, review, and analytical procedures commonly applied to contractor financial statements.
• Understand key tax issues and planning considerations affecting construction contractors and their owners.

Highlights

• Construction industry financial trends and developments
• Surety and other users reliance on financial statements
• Financial reporting issues
• Contractor financial disclosures
• Sample financial statement
• Financial benchmarking analytics
• CFO and internal controls – best practices
• Contract audit and review analytical procedures and risk assessment
• Required contractor engagement documentation (and internal analytics/controls)
• Contractor tax methods and strategies
• Code section 460 exemptions
• Review of differences in GAAP POC and IRS 460 POC
• Taxation lookbacks

Prerequisites
Basic construction industry accounting and tax knowledge, or experience in construction industry accounting

Advanced Preparation
None

Developer
Robert A. Davidson, CPA

Presenters
Robert Davidson, Davidson Consulting
Anson Martens,

Level of Knowledge
Intermediate