Construction Audit Primer and Basics

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Construction Audit Primer and Basics

Construction Audit Series

Reviewed

January, 2024

Denise Cicchella

Learning Objectives

To discuss the phases of the construction life cycle.
To analyze what each project needs and who each of the players is.
To discuss the flow of the construction payment cycle.
To discuss project and vendor risk.
To analyze audit planning and risk assessment.

Course Description

US Bureau of Labor Statistics shows that as of January 2020, there were $7.59M people working in the construction industry. In addition, data from the Association of General Contractors of America shows that the construction industry has more than 600,000 employers in the US and creates nearly $1.3 trillion worth of structures each year.

Auditing contract revenue can be challenging. Construction contracts can be even more difficult. This CPE course examines the core knowledge necessary to succeed and the key issues impacting construction auditing, including auditing under the new revenue recognition and lease guidance.

Further, this course will provide an overview of the audit risks when working with contractors, audit planning and risk assessment, and substantive auditing procedures commonly performed. With construction comprising such a large portion of the economy and always growing, it is more important than ever for you to be on top of the very latest auditing changes for the construction industry.

Major topics covered:

What is a Construction audit?
Regulators and stakeholders
Seven Cs
Decision making
Why care about supply chain disruption
What is a change order?
Labor and labor errors

If you have never audited a construction project and are not sure how to go about it, this Online CPE Auditing webinar is for you. We will learn where to start and why each step is important. You will also learn some basic knowledge of construction so you can understand the flow.

This is an extension of the construction audit series, to view other parts of this series click here: Construction Audit Series

Overview

What is Construction audit?

12 mins
Regulators and stake holders

22 mins
Seven Cs

37 mins
Decision making

57 mins
Why care about supply chain disruption

69 mins
What is a change order

83 mins
Labor and labor errors

104 mins

Webinar Qualifies For

2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
2 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
2 CPD Credit of Audit and Assurance for CPA in Canada
2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
2 CPE Credit of Auditing for Certified Management Accountants (CMA)
2 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
2 CPD Credit for Association of Chartered Certified Accountants (ACCA)
2 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
2 CPD Credit for Chartered Accountant - ICAEW
2 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
2 CPE Credit of Auditing for Certified Internal Controls Auditor (CICA)
2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
2 CPD Credit for Chartered Accountants - Scotland
2 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
2 CPD Credit for Chartered Accountants - Ireland (CAI)
2 CPD Credit for CPA - Ireland
2 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
2 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
2 CPE Credit of Auditing for Certified Controls Specialist (CCS)

About Instructor

Denise Cicchella

Founder & CEO, Auspicium

Denise Cicchella is a recognized expert in construction audit, protecting owners from the overpayment of construction costs due to error, negligence or fraud.

Dense is a Certified Internal Auditor, Certified Fraud Examiner, Certified Construction Auditor, Project Management Professional and Fellow of the Life Management Institute. She holds an MBA in International Business from Fairleigh Dickinson University and a BBA in Accounting from Loyola University. She is the Founding President of the New York/New Jersey Chapter of the National Association of Construction Auditors. She has audited and led audit teams for small construction project as well as multi billion dollar projects.

She is an experienced trainer and can often be seen teaching domestically and internationally.

Additional Information

Duration

2 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

Click Here to View

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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.

Ratings and Review

4.3

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CJT

Christine Joy Tan, CIA

very applicable for my current role.

Anthony Cofone, PMI-PBA

Fantastic

CHL

Cheryl Hines Ladson, EA

Very good class. Good start on the basics of this course.

Mara Ash, CRMA, CGAP, CGFM, CIA

Good class!

Clark Stowe, CFE, CPA/CITP, CPA (US)

2 Credits

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Subject Area

Auditing

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Construction Audit Primer and Basics

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Denise Cicchella

Other Details

Additional Information

2 Hours

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.3

Christine Joy Tan, CIA

Anthony Cofone, PMI-PBA

Cheryl Hines Ladson, EA

Mara Ash, CRMA, CGAP, CGFM, CIA

Clark Stowe, CFE, CPA/CITP, CPA (US)

Subject Area

Unlimited Access Plan

Inclusions

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