June 11, 2026

Livestream

AND

In-Person

MSCPA Center
306 Southampton Row, Ridgeland, Madison County, Mississippi 39157

4 CPE Credits

Auditing the Complex: Revenue and Leases-Virtual Speaker

June 11, 2026
In Person + Online
4 CPE Credits

Auditing the Complex: Revenue and Leases-Virtual Speaker

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    Instructor

    Thomas
    Newell

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    Thomas Newell, CPA

    Bio

    Thomas E. Newell, Jr. (Tom) is a shareholder in the firm of Newell & Newell, P.C., which is located in Columbus, GA. Tom started the firm with his wife, Silvia Newell, CPA in 1986. Prior to that, his public accounting experience included both local firms and international firms. Tom has performed hundreds of peer reviews and has been involved with the peer review program since 1989. Tom served on the Georgia Society (GSCPA) peer review committees from 1989 to 1993. In 1993, he was selected to be one of the technical reviewers for the Georgia Society Peer Review Program and served for nine years. During his time as technical reviewer, Tom worked with the GSCPA to move the peer review committee from in-person to online meetings. Tom has also served several years on the accounting and auditing committee at the Georgia Society. Tom has been a presenter at conferences and CPE courses for over 30 years. He has been a frequent presenter for the Georgia Society of CPAs at the Southeastern Accounting Show, Tax Forum (A&A topics), and the Accounting Institute. Tom is also a discussion leader for various continuing education courses on A&A topics for other state societies. He has made presentations at Fortune 500 companies and several government agencies on accounting and auditing, internal controls, and cybersecurity. As a presenter, Tom has been described as a dynamic speaker who is able to take a boring topic (accounting and auditing) and make it interesting. His skills resulted in his being awarded the Surgent Outstanding Discussion Leader Award in 2015, 2016, 2018, 2020, 2021, 2022, and 2023. Tom was recognized in 2018, 2021, and 2023 by the AICPA as an Outstanding Facilitator for his consistently high evaluations of knowledge and presentation skills. As the world of presentations has been changing, Tom has been a champion of moving to virtual presentations. He was involved in the early years of simulcasting by various state CPA societies, as well as the recording of video and audio self-study courses. Tom has now moved into the next wave of change toward the totally virtual classroom that simulates a true live classroom experience. Tom graduated cum laude from Georgia Southwestern College in Americus, GA in 1980.

Two of the most complex ASUs released in the last decade updated revenue recognition and leases. Auditing these complex accounts has never been more difficult. Revenue is often one of the largest and most significant line items in a company’s financial statements. It is also the line item that is most susceptible to fraud. Further, all companies reporting under U.S. GAAP have recently completed adoption of ASC 606. In this course, we will review the key elements of ASC 606, including key disclosure requirements for private companies under the standard. Then, we’ll focus on how to audit revenue, including the elements of an effective risk assessment related to revenue, key controls over the revenue process, and substantive procedures. For leases under ASC 842, we will review the accounting model for lessees and review in detail the key considerations in accounting for operating leases under ASC 842 and the other key guidance in the standard. Then, we’ll review common audit procedures related to auditing the lease liability and the related right-of-use asset, including reviewing the enhanced lease disclosure requirements under ASC 842. When you complete this course, you will be prepared to tackle both ASC 606 and 842.

Learning Objectives

  • Understand the FASB’s comprehensive revenue recognition guidance in ASC 
  • Topic 606, Revenue from Contracts with Customers Explain audit risks associated with revenue and leases 
  • Discuss how to tailor the audit plan to assessed risks of material misstatement 
  • Recall common substantive procedures related to revenue 
  • Comprehend and apply the FASB’s comprehensive lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842) 
  • Understand auditing considerations related to ASC 842 subsequent accounting

Major Topics

  • Topic 606, Revenue from Contracts with Customers, including recently issued ASUs impacting Topic 606 
  • The FASB’s five-step revenue recognition model, including hands-on examples and illustrations of the new guidance, including presentation and disclosure requirements 
  • Performing an effective risk assessment related to revenue 
  • Common internal controls and substantive audit procedures related to revenue and leases ASC 842 -- lease accounting guidance for both lessees and lessors

CPE Credits Available

4 CPE Credits
4
Auditing

MSCPA Center

306 Southampton Row, Ridgeland, Madison County, Mississippi 39157

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Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • ASC 606
  • ASC 842
  • Auditing
  • GAAP
  • Leases
  • Revenue Recognition
  • Risk Assessment

Prerequisites

None

Advanced Preparation

None

Intended Audience

Accountants with responsibilities for auditing accounts receivable

Provider

Surgent

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