Construction Contractors: Accounting and Auditing

James Wiedemann is a senior manager in the Assurance Services division of Marcum LLP’s New Haven, Connecticut, CT, office. He has more than eight years experience providing compilation, review and audit procedures in the construction and manufacturing industries. Wiedemann has experience with reporting requirements, revenue recognition and cost allocation techniques within the construction industry. He has in-depth knowledge of the accounting literature and is able to recommend changes to clients to increase productivity and overall output of information. He is a member of the American Institute of Certified Public Accountants (AICPA), Connecticut Society of Certified Public Accountants (CSCPA), National Association of Surety Bond Producers (NASBP), Associated General Contractors of Connecticut Young Contractor Forum (AGC/YCF), and Associated Builders and Contractors Emerging Leaders Group,Robert Mercado is a Partner in the Assurance Services division and serves as the New England Regional Construction Leader of Marcum LLP. He has more than 25 years of experience conducting, reviewing, and analyzing financial information for construction contractors, manufacturers, and service corporations. As a Certified Construction Industry Financial Professional, Mercado has an expertise in troubleshooting problem job performance for construction projects and recommending practices to enhance profitability. In addition, he is knowledgeable with systems analysis and with the tailoring of accounting software to meet clients’ needs. He is a frequent speaker on accounting and auditing matters for construction companies, industry organizations and professional development courses. He has been acknowledged in several publications of the AICPA's Audit and Accounting Guide: Construction Contractors and AICPA's Audit Risk Alert: Real Estate and Construction Industry Developments.

• Overview Overview-1Chapter 1 1-1Nature of the Construction Industry 1-1The construction process 1-7Characteristics unique to contractors 1-11Chapter 2 2-1Significant Changes – Contract Accounting and Lease Accounting 2-1Chapter 3 3-1Financial Statements for the Contractor 3-1Chapter 4 4-1Working With a Surety 4-1Chapter 5 5-1Audit Planning and Risk Assessment Procedures 5-1Appendix 5A: Job History Reports Chapter 5, A-1Chapter 6 6-1Substantive Auditing Procedures 6-1Chapter 7 7-1Other Auditing Considerations 7-1Glossary Glossary 1Index Index 1Solutions Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 3Chapter 3 Solutions 5Chapter 4 Solutions 6Chapter 5 Solutions 8Chapter 6 Solutions 10Chapter 7 Solutions 12