Audit 406: Auditing Revenue Recognition - Common Risks
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations 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. Revenue recognition is presumed to be a significant risk for financial statement auditing purposes due to the increased risk of both fraud and error. Note: This course is recommended as a part of a 16-hour audit skills curriculum for supervisory or managerial auditors, while it is also appropriate for anyone who has responsibilities in auditing revenues. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Highlights
The major topics covered in this course include:
- Generally accepted accounting principles related to sales, including the newest 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
Prerequisites
None
Designed For
Accountants responsible for auditing revenue recognition
Objectives
After attending this presentation, you will be able to...
- Identify typical revenue recognition risks, including the impact of applying the newest revenue recognition model of Topic 606
- Recall how to link the assessed risk of material misstatement to a detailed audit plan for revenue recognized in a contract with a customer
- Recognize special revenue recognition considerations, such as contracts with financing elements, multiple distinct performance obligations, and more
Preparation
None
Leader(s):
Leader Bios
Jennifer Louis, Business Learning Institute
Jennifer F. Louis, CPA, has more than 18 years of experience in designing and instructing high-quality training programs. In 2003 she formed Emergent Solutions Group, LLC, serving organizations by providing training services on a project-specific or parttime basis.
Most recently, Ms. Louis was executive vice president / director of trainingServices at AuditWatch, Inc., a premier training and consulting firm serving the audit profession. She began her career at AuditWatch as vice president of product development. Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP.
Ms. Louis also was an audit manager for Deloitte & Touche LLP. During her years at Deloitte & Touche’s Washington D.C. office, she was a frequent local and national instructor. She also served as an
instructor for the firm’s national “Train the Trainers” program.
Non-Member Price $109
Member Price $89