- NY Credits : 7.0
- TX Credits : 7.0
This interactive self-study course takes a look at two topics that may apply to a practitioner’s construction contractor engagements. Lesson 1 examines construction contracts, including discussion of contract documents, the different types of construction contracts, important clauses in such contracts, and how to obtain contract bonds. Lesson 2 discusses issues related to audits of construction contractors, including audit programs, audit procedures, and concluding the audit.
Course Expiration Date: July 31, 2022
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify contract documents, different types of contracts, and important clauses that may appear in construction contracts.
Recognize how construction contractors obtain contract bonds and the effects of this process on a contractor's business.
Recognize the appropriate organization and structure for a detailed audit plan for the audit of a construction contractor.
Assess issues related to contract billings and cost-related accounts that might be discovered during the audit and how the auditor should approach job site visits.
Identify appropriate audit wrap-up procedures for a construction contractor audit engagement.
Identify communications that may need to be made when auditing a construction contractor.
Determine the best methods for dealing with audit workpapers and related documentation, drafting the financial statements and auditor's report, group financial statement audits, supplementary information, and internal auditors.
Lesson 1—Construction Contracts
Lesson 2—Audit Programs and Procedures, and Concluding the Audit