Surety bonding capacity, percentage-of-completion accounting, joint-venture reporting, FRO bond requirements, and the documentation underwriters expect from Florida general contractors and specialty trades.
Florida public-project contractors are finding that Little Miller Act notice deadlines now create audit-relevant documentation trails — and auditors are starting to ask.
Read postSurety underwriting in Florida has tightened, and bonding companies increasingly require CPA-prepared reviewed or audited financial statements to grant or maintain bonding capacity. The level of assurance generally scales with the size of the bonding program a contractor wants to support.
Revenue on long-term contracts is generally recognized over time, which makes job-cost estimates, work-in-process schedules, and the reliability of the contractor's project cost system central audit areas. Underbillings and overbillings are tested closely because they drive both the balance sheet and bonding ratios.
Florida's Little Miller Act under F.S. 255.05 sets notice and claim deadlines on public projects. Meeting those deadlines creates documentation supporting the collectibility of bonding-related receivables, which is exactly the kind of evidence an auditor examines when testing contract balances.
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