CPA Audit/Review

The patent-pending CPA Audit/Review Module, a free, integrated part of the FOUNDATION for Windows base system, allows contractors and their CPAs to easily gather the multitude of reports and detailed transaction records that are necessary during the typical audit/review from one central location, or console.

How Foundation’s Patent-Pending CPA Audit/Review Module can Streamline the Audit/Review Process for Contractors and CPAs
The CPA Audit/Review Module, a standard part of FOUNDATION’s base system, is the only construction accounting add-on program dedicated exclusively to the audit/review process. A typical audit/review requires a multitude of reports and detailed transaction records. Contractors may not know specifically what their CPA needs, or they may be unprepared to gather the required information. Likewise, CPAs often experience difficulties extracting information from their client’s computerized systems, resulting in inefficiencies and errors.

The patent-pending CPA Audit/Review Module addresses these issues, through a centralized “CPA Console.” When the Console is launched in FOUNDATION for Windows, the “Reports” screen becomes visible and allows the user to select from a list of reports. Each report follows recommendations from the PPC Guides for Accounting and Auditing, and was designed to show information the way most CPAs want to see it. The Console also allows the CPA to easily make corrections to the data or re-class items, when necessary.

The CPA Audit/Review Module Guide
Co-authored and edited by construction-specific CPAs, the “CPA Audit/Review Module Guide” is a 62-page instructional booklet that explains the CPA Audit/Review Console and the reports available from the console. It includes detailed instruction on how to extract information for the audit/review process from the FOUNDATION for Windows system and provides a complete system overview to further expedite the audit/review process.

Reporting Available from the CPA Audit/Review Console
Gain/Fade Reports: Similar to the contractor’s Over/Under billing report but in a format preferred by CPAs, this report gives information on the gain or fade (profit or loss) of each job over several periods or years in order to give a snapshot of a contractor’s bidding and billing processes.

Materiality Reports: For Accounts Payable, Accounts Receivables and General Ledger, materiality reports are available to help locate transactions of a minimum dollar amount and trace them from start to finish.

Billing Back Log Reports: The purpose of this report is to show work remaining to be completed in the format used by most CPAs.

Cut-Off Reports: For payable invoices, receivable invoices, checks and cash receipts, these simple reports allow the CPA to locate transactions that cross periods. For example, find payments made or received outside the audit period for an invoice posted within it. Or find invoices that are dated within the period but posted outside it. Any combination of date ranges can be used.

Flexible Aging Reports with Materiality: FOUNDATIONS’ already powerful Aging Reports have been enhanced with features like aging by transaction, invoice, or due date and the ability to include only transactions of a minimum dollar amount.

Multi-Period Trial Balance: The standard Trial Balance can now be run for up to five periods (weeks, months, years, etc.). As with all reports in FOUNDATION, it can quickly and easily be exported to Microsoft® Excel format for use in CPA-specific audit software.

Easy tie-out between the General Ledger and Job Cost: This report capitalizes on the unique ability of FOUNDATION to link General Ledger activity to a specific job. It allows a view of General Ledger transactions for one or more specific jobs, and makes the task of tying out the General Ledger and Job Costing a breeze.

Over/Under and Work in Progress: FOUNDATION’S powerful over/under billing report allows CPAs to gain a thorough understanding of where the clients’ contracts stand. It’s date sensitive and offers another view into the careful tie-out between Job Costing and the General Ledger.

Audit Trail: A complete audit trail is always maintained. Adjustments and reversals (for invoices, checks, etc.) are actually saved as separate transactions from the original, so they are never deleted. Historical data is linked to maintenance data (like vendors, customers, jobs and employees), so maintenance items that have history posted against them cannot be deleted. This means you’ll never see an invoice for a “mystery” vendor that’s been deleted.