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Basic Accounting and Auditing for the Construction Industry (4152786B)
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Assemble a strong foundation for your construction industry accounting and auditing issues by analyzing revenue recognition under the percentage of completion method and shortfalls of the cost to cost method, as well as techniques that provide a more realistic audit approach for the contractor, including detailed auditing procedures for the various types of contracts. Also, you'll more clearly understand how to assist with evaluating job profitability and present quality financial information to

9/1/2015
When: 9/1/2015
9:30 AM - 5:00 PM
Where: Webcast/Webinar
Presenter: Gene Ristaino
Contact: April Deneault
801-834-6634


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Assemble a strong foundation for your construction industry accounting and auditing issues by analyzing revenue recognition under the percentage of completion method and shortfalls of the cost to cost method, as well as techniques that provide a more realistic audit approach for the contractor, including detailed auditing procedures for the various types of contracts. Also, you'll more clearly understand how to assist with evaluating job profitability and present quality financial information to lenders and bonding companies.
 

Objectives:

    Identify and handle basic accounting and auditing issues specific to the construction industry.
    Identify financial statement presentation and disclosure.
    Recognize specific bonding requirements and objectives.
    Determine the components of the percentage of completion method of accounting using a risk-based perspective.
    Identify common pitfalls.
    Determine how to apply principles for all types of general and specialty contractors.
    Recall project costing and job progress to date vs. costs incurred to date.
    Determine an audit approach for specific identified risks.
    Identify the viability of project site visits

 

Major Subjects:

   Computations for revenue recognition
    Related FASB revenue recognition standard
    Risk-based audit model to contractors
    Contractor estimating process
    Auditing contracts completed and in progress
    Surety package to present to the bonding company
    Audit program for specific high-risk areas
    Computations and alternative approaches


 

Designed For:

Internal and external CPAs who provide audit and review services to construction contractors.

 

Prerequisite: None

 

Advanced Prep: None

  

Speaker: Gene Ristaino

Vendor: CalCPA

Field of Study: Accounting & Auditing

Level: Basic

CPE Credit: 8 Hours

Acronym: BACI

 

Registration Fees:

Members: $275

Nonmembers: $375

 

Meet the Speaker:

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.

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