Revenue recognition is presumed to be a significant risk requiring special audit consideration for financial statement auditing purposes. This risk audit CPE course will provide tips and techniques for obtaining sufficient and appropriate audit evidence to support conclusions related to accounting for revenues obtained from contracts with customers.
Learning Objectives
Upon completion of this course, participants will be able to:
Identify typical revenue recognition risks, including the impact of applying the newest revenue recognition model of Topic 606
Explain how to link the assessed risk of material misstatement to a detailed audit plan for revenue recognized in a contract with a customer
Recall special revenue recognition considerations, such as contracts with financing elements, multiple distinct performance obligations, and more
Major Topics
Generally accepted accounting principles related to sales, including the revenue recognition model of Topic 606
Common revenue recognition fraud schemes and potential audit responses
Audit responses to significant risks requiring special audit consideration related to revenue recognition
