What You Need to Know When Auditing Construction Invoices

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What You Need to Know When Auditing Construction Invoices

Construction Audit Series

Reviewed

January, 2024

Denise Cicchella

Learning Objectives

To discuss the anatomy of construction invoices.
To explain what is the RADIO process and how it works.
To analyze how a finding on an invoice carries through to the” true” overpayment or underpayment.
To discuss popular schemes when auditing labor.

Course Description

This webinar is a part of the Construction Audit Series by Denise Cicchella!

US Bureau of Labour 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.

Construction is a risky business. Each construction project is unique and comes with its own set of challenges and opportunities. Identifying and managing construction project risks can be tricky, but not impossible with careful planning and execution.

Auditing a construction invoice can be difficult if you do not know the components and understand the formulas. This Discussion will include popular errors and frauds found over the years.

Auditing a construction invoice can be divided into three main parts:

During construction, precise checking & preparation of contractor's bills.
Post-construction bills audit as per drawings & physical verification at site reference to latest measurement codes.
Verification & checking of quality of construction after execution of projects through physical verification or certified laboratory or as per the requirement of the site/client.

Join this Online CPE Auditing Webinar to understand what you need to know when auditing construction invoices!

Overview

Here's your invite

5 mins
Record and test

24 mins
Calculate retainage

39 mins
Audit reimbursables

53 mins
Payments to subs

73 mins
What party would be complete without a seance?

87 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 Auditing 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 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
2 CPD Credit for Chartered Accountants - Scotland
2 CPD Credit for CPA - Ireland
2 CPD Credit for Chartered Accountants - Ireland (CAI)
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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Very Good

Average

Poor

Terrible

Greg Adams, CGFM, CPA (US), Masters (Accountancy)

I liked the example documents that were in the presentation. It helped make the presentation more practical.

Heather Coons, CPA (US)

This class was very detailed and provided a great deal of information on auditing construction invoices. I will recommend it to my staff.

CHL

Cheryl Hines Ladson, EA

This was fun

Ramzi Mazhar, Others

Good class

CJT

Christine Joy Tan, CIA

Good.

2 Credits

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Auditing

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What You Need to Know When Auditing Construction Invoices

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

Greg Adams, CGFM, CPA (US), Masters (Accountancy)

Heather Coons, CPA (US)

Cheryl Hines Ladson, EA

Ramzi Mazhar, Others

Christine Joy Tan, CIA

Subject Area

Unlimited Access Plan

Inclusions

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