top of page

Construction contract audit

  • Writer: Thomas Tsang
    Thomas Tsang
  • Nov 15, 2020
  • 1 min read

The key area in audit of construction contract is the measurement of percentage of completion for recognition of Revenue over time. The company must prepare a so called construction project accounting. It must keep track all the costs incurred project by project, a budget, billing since commencement to the end of the project. Whether input or output method to measure the percentage of completion, the budget of the project is a key and involove judgemen.


To perform the audit is on project base, not invoice base. It is totally different from those manufacturing, trading, wholesale or retailing.

 
 
 

Recent Posts

See All
Enterprise value

In business valuation, enterprise value is the value of the business. It includes any intangible assets not booked such as goodwill,...

 
 
 
Walk through in audit

To perform walk through in audit with the objective to ascertain the audit assertions. We need to understand the control or process in...

 
 
 

Comentários


bottom of page