Preparing for a Construction Audit: Essential Tips: Construction Accounting 101

Welcome back to our Construction Accounting 101 series! In this episode, Reid Bangert and Lisa Hutt discuss the critical aspects of preparing for a construction audit. Learn about the different types of audits, best practices for documentation, and how to effectively use Sage Intacct to streamline the audit process and prevent fraud.

Please note, this video is for informational purposes only and does not constitute financial advice. For specific guidance on your accounting controls, consult with a CPA or professional accountant.

Key Topics Covered:

Types of Construction Audits (Audit, Review, Compilation)
Importance of Audits in Construction
Setting Up an Auditor Dashboard in Sage Intacct
Best Practices for Audit Preparation
Security and Segregation of Duties
Fraud Prevention Strategies
Using Sage Intacct for Efficient Audits

Chapters:
00:00 Introduction
00:16 Types of Audits Explained
01:28 Importance of Audits in Construction
02:32 Setting Up an Auditor Dashboard
03:10 Benefits of Using Sage Intacct for Audits
05:48 Streamlining Communication with Auditors
06:28 Importance of Documenting Everything
07:42 Using Drillable Reports in Sage Intacct
08:49 Security and Segregation of Duties
12:42 Two-Factor Authentication and SOC 2 Reports
14:36 Importance of Approval Processes
15:58 Fraud Prevention Tips
19:39 The Power of Sage Intacct's Dimensional Accounting
20:18 Understanding Financial Statements
20:20 Monitoring Job Performance
20:37 Conclusion and Key Takeaways

For more detailed discussions on construction accounting, make sure to subscribe to our channel and follow our Construction Accounting 101 playlist: https://www.youtube.com/playlist?list=PLUEFaoEUpJ2CKdWXlCFSb7Kz6omB1dyGx Have questions? Sign up for a free Ask Richard account and get expert advice on Sage Intacct: https://askrichard.io

Видео Preparing for a Construction Audit: Essential Tips: Construction Accounting 101 канала Bangert, Inc.