Construction Accounting 101 - 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