Assurance built for the construction industry.
AsuraTrust provides independent audit, review, and other assurance services designed for contractors and construction businesses.
Construction is one of the most demanding industries to report on: revenue is earned over long-term contracts, profitability turns on estimates that change as jobs progress, and outside parties routinely ask for financial statements they can rely on. Our engagements are built around the reporting issues that define the industry — work-in-progress schedules, contract revenue recognition, job costing, change orders, and retainage. AsuraTrust is a Tampa-based CPA Firm licensed in the state of Florida, and our remote engagement model allows us to serve contractors in the Tampa area and beyond.
Whether your surety or lender has requested financial statements, or you’re preparing for your first construction audit, schedule a free consultation today.
Where contractor financial statements do the heavy lifting.
Surety Bonding
Surety underwriters commonly look to a contractor’s financial statements when evaluating bonding capacity — with working capital, equity, and the reliability of the WIP schedule front and center.
Bank Financing
Lenders underwriting equipment loans, lines of credit, and project financing rely on financial statements to extend and monitor credit.
Prequalification
General contractors and project owners often require financial statements from subcontractors as part of prequalification.
Licensing & Compliance
State licensing and registration processes can also call for financial statements or other reports from an independent CPA.
The reporting issues that define contractors.
WIP Schedules
The work-in-progress schedule ties contract values, costs incurred, estimates to complete, and billings together, driving each job’s over- or underbilled position — and it is central to how sureties and lenders read a contractor’s statements.
Revenue Recognition
Under ASC 606, revenue on most long-term contracts is recognized over time as work progresses, so reported profit depends on reliable, well-supported estimates of cost to complete.
Job Costing & Change Orders
Job-level cost capture — labor, materials, subcontractors, equipment, and overhead — determines contract profitability, and unapproved change orders are a common source of misstatement.
Retainage & Receivables
Retainage withheld on progress billings carries its own collection timeline and presentation questions, separate from ordinary trade receivables.
Engagements we perform for contractors.
Audits
Independent financial statement audits conducted under GAAS — the highest level of assurance, and the common request as bonding programs grow.
Reviews
Financial statement reviews offer a cost-effective, moderate level of assurance that sureties and lenders often accept for smaller programs.
Compilations & Preparation
Compilations and financial statement preparation deliver professionally prepared statements when assurance isn’t required.
Internal Controls
Internal controls consulting brings practical improvements to change-order approval, billing, and project cost capture.
Quality of Earnings
Quality of earnings analyses support buyers and sellers in construction M&A with a clear view of sustainable earnings.
Agreed-Upon Procedures
Agreed-upon procedures provide targeted, factual reports on specific questions from owners, lenders, or other stakeholders.
Serving more than construction — explore all of the industries we serve.
Strong project reporting starts with the basics — our guide to internal controls best practices for small businesses is a practical place to start.
Questions contractors ask us.
Do I need an audit or a review?
It depends on what the party requesting your financial statements requires. Audits provide the highest level of assurance; reviews provide a moderate level at a lower cost. Sureties and lenders typically specify which they need — and we can help you understand the difference before you commit.
Why does the WIP schedule matter so much?
It summarizes each open contract — value, costs to date, estimated cost to complete, and billings — and shows whether jobs are over- or underbilled. Sureties and lenders read it alongside the financial statements, so its reliability matters as much as the statements themselves.
What do surety underwriters look for?
Underwriting practices vary, but working capital, equity, backlog, and the quality of job-level reporting are common focal points. Financial statements from an independent CPA — reviewed or audited — are frequently part of the file.
Can our audit be performed remotely?
Yes. Our remote engagement model is designed for it — document exchange, walkthroughs, and status meetings all happen remotely, with the same professional standards and the same licensed CPA supervision.
Considering an audit or review?
Connect with us to discuss how our services can provide the support you need.
Schedule a Consultation