Construction Industry – Financial Reporting, Audit/Review Procedures, Internal Control Best Practices and Taxation

Overview

Join construction industry specialists Anson Martens and Robert Davidson for a comprehensive look at the financial reporting, audit, review, internal control, and tax issues affecting today’s contractors. This focused seeminar explores current industry trends, financial statement disclosures, benchmarking techniques, and the unique audit and review procedures required for construction engagements. Gain insights into contractor-specific internal control best practices, risk assessment considerations, and key tax strategies, including IRC Section 460 requirements and differences between GAAP and tax accounting methods. Whether you provide services to construction clients or work within the industry, this seminar will equip you with valuable tools to strengthen financial reporting, improve engagement quality, and navigate complex tax issues.

Highlights

Construction industry financial trends and developments
Surety and other users reliance on financial statements
Financial reporting issues
Contractor financial disclosures
Sample financial statement
Financial benchmarking analytics
CFO and internal controls – best practices
Contract audit and review analytical procedures and risk assessment
Required contractor engagement documentation (and internal analytics/controls)
Contractor tax methods and strategies
Code section 460 exemptions
Review of differences in GAAP POC and IRS 460 POC
Taxation lookbacks

Prerequisites

Basic construction industry accounting and tax knowledge, or experience in construction industry accounting.

Designed For

CPAs, CFOs, controllers, and accounting professionals that work with construction contractors as well as surety analysts, bankers, attorneys, and other advisors that service the construction industry.

Objectives

Gain an understanding of accounting and financial management practices unique to the construction industry.
Review construction industry financial reporting requirements, disclosures, and benchmarking methodologies.
Analyze audit, review, and analytical procedures commonly applied to contractor financial statements.
Understand key tax issues and planning considerations affecting construction contractors and their owners.

Notice

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Anson Martens, Construction Audit Partner, Plante Moran
Robert Davidson, Partner, Robert A Davidson CPA

Leader Bios

Anson Martens, Construction Audit Partner, Plante Moran

Anson Martens, CPA is a Construction Audit Partner with Plante Moran in East Lansing, Michigan. Anson helps clients understand where their business stacks up against the industry to facilitate strategic planning initiatives, drive their business to be best in class, and ensure they have full access to banking and bonding needs. He helps oversee the entire engagement, from planning and direct supervision of teams to ensuring quality performance of procedures and timely delivery. He also provides consulting to executive leadership teams to set best-in-class goals and mentors controllers to CFOs.

His experience includes multi-entity consolidations, M&A transactions, deferred compensation arrangements, revenue recognition, deferred taxes analysis, and benefit plan audits with a specialization in ESOPs. He serves clients in the construction industry. His clients consist of owner-managed, family office, ESOP-owned contractors, and private equity-owned contractors. He has a unique experience for a CPA, as he has field experience in the construction industry. He worked for roofing, plumbing, electrical, and framing contractors. He can swing a hammer, sweat pipe, and pull some wire. This gives him the unique ability to understand business operations.

Clients appreciate that he cares about their business and takes the time to understand how they work and why they are successful. He asks the question beyond the question. Colleagues know him for having a vested interest in their careers and caring for their individual growth. He is also known as “the lunch guy.” He was drawn to this career because of the relationships with people and providing practical solutions to complex issues. He has 15 years of experience and is most proud of building and mentoring the next generation of leaders.

He was previously the president of the Mid-Michigan CFMA chapter. He was elected by his peers as one of CFMA’s Rising Stars under 40. He belongs to AICPA and MICPA. He is often asked to speak to clients and industry conferences such as the Mid-Michigan CFMA and AGC of Michigan about topics of interest to construction companies, including new accounting standards updates, company strategic planning strategies, and succession planning. He received his B.S. and M.S. in accounting from Michigan State University.

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Robert Davidson, Partner, Robert A Davidson CPA

Robert Davidson, CPA, co-founded DGLF CPAs & Business Advisors (formerly Davidson Golden & Lundy) in 1987 as an accounting and consulting firm primarily serving the construction industry. Robert's leadership and experience made DGLF one of the most respected firms in the industry. The firm provided services to more than 450 construction industry entities in 29 states, with a concentration in commercial general contractors, electrical, mechanical, heavy highway, asphalt paving, aggregates, and concrete entities.

DGLF CPAs merged with Marcum LLP (now CBIZ) on December 1, 2015. As planned, Robert retired from the CPA firm in August 2016 to devote his full-time efforts to consulting services for the construction industry.

Robert's services include litigation support, mediation, contract claims documentation, cost-plus and JV cost accounting, continuity planning, contractor valuations, M&A consulting, and related services. Davidson has assisted with over 600 construction industry mergers, acquisition, and ownership transfer transactions.

Throughout his 49-year career, Robert has built a reputation as a teacher and speaker at construction industry and accounting/financial seminars. He has presented over 750 construction accounting seminars for CPA associations and national construction industry organizations, including the Associated General Contractors, the Construction Financial Management Association, the American Road Builders Association, The National Surety Bond Producers Association, The National Association of State Contractor Licensing Boards, the Design Build Institute of America and numerous others. Also, Robert has presented financial accounting seminars and other services to major sureties and financial institutions including Caterpillar Financial, Zurich, Travelers, Philadelphia Surety, Hanover Surety, Liberty Surety, United Surety, Willis, Marsh, Truist, and others. Robert is proud to have presented his construction seminars to conferences in all 50-states, Puerto Rico, Mexico, and Japan.

Robert served on the Board of the AICPA National Construction Committee for 12 years, including 3 years as Chairman. Robert has served on the editorial board of the Journal of Construction Accounting and Taxation and has been published more than 20 times by various national construction industry magazines. He was a founding member of the Hard Hat Construction Group and a member of the prestigious Beavers construction group since 2002. He has served on committees and boards of various construction organizations, including the AGC, CFMA, TRBA, ABC and ARTBA. Robert was named one of "Nashville's Finest CPAs" by the Nashville Post and one of "Nashville's Accounting Power Leaders" by the Nashville Business Journal.

Robert was appointed by the Governor to four terms (12 years) on the Tennessee State Board of Accountancy. Robert served as Treasurer for U.S. Congressman Jim Cooper for 30-years and serves on advisory boards for numerous charitable and civic organizations and, in 2019 (and 2023), was appointed by the Mayor of Nashville to Board of the Music City Convention Center Authority

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