Certification in Action: Laura Jones - Articles

What challenges have you overcome that you could attribute to knowledge gained from the CCIFP designation?

The CCIFP designation has allowed me to accelerate my ability to serve clients through an industry-focused approach gained from studying the concepts described in Financial Management and Accounting for the Construction Industry (also known as “The Book”), which covers construction industry accounting and operational matters.

The knowledge domains covered within the CCIFP exam have made me more aware of what issues clients may be facing so I can ask the right questions to identify their needs. Through understanding our clients’ businesses and specific challenges, I can provide solutions, identify areas of opportunity, and bring in the right team of experts to help them succeed.

My focus at Moss Adams is providing assurance services with our risk-based assurance approach. Through exam preparation, I obtained a deeper knowledge about the contract types clients may enter into and enhanced my ability to identify increased risks in contracts that may impact contractors, understand their financial statement disclosures, and ultimately determine our assurance approach.

Can you share a particular situation?

Each year, when we plan our assurance engagements, we identify and assess risk at the financial statement account level. Given the knowledge I obtained as a CCIFP early in my construction industry career, I was well-equipped to assess the risk profile of various contract types, address those risks, and understand estimates and margin fluctuations. Further, I can speak to clients competently about the contracts and work they perform, which has helped me increase the effectiveness and efficiency of my work while providing me with credibility and confidence when discussing contracts.

What was the most obvious advantage from becoming a CCIFP?

At Moss Adams, we work toward industry specialization so that we are able to serve clients better by building a deep knowledge of the construction practice. The technical knowledge I obtained throughout my CCIFP journey helped me develop my industry understanding by going beyond the mechanics of contract schedules and the associated GAAP accounting.

I gained an understanding of the daily challenges our contractors handle from all aspects of the business — including bonding, surety, and insurance; management; HR; and IT — all of which has given me a much more holistic view of their businesses.

Using my knowledge from the CCIFP process, I can move well beyond financial statement assurance and become a trusted advisor to owners and key members of management.

Why is it important for your organization to have CCIFPs?

The designation demonstrates our commitment to the industry and making a difference for clients through investment in specialization.

Why would you recommend the CCIFP designation to another person/business?

I would highly recommend the CCIFP designation to those who are passionate about learning more about the industry and interested in building a lasting career in construction. Not only does the designation process provide invaluable learning, but it also provides credibility when working with construction companies.

Is there anything else you’d like to share about becoming a CCIFP?

The continuing professional education that CFMA offers is valuable for CCIFPs. The construction-specific webinars are always relevant and timely, and they are a great way to learn what others in the industry are seeing, their concerns, and solutions we can share with clients.

If you have earned your CCIFP designation and would like to share your experiences, please reach out to Veronica Whitehead at vwhitehead@cfma.org.