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Audit 406: Auditing Revenue Recognition - Common Risks

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CPA Crossings Webinars

Online, OK 00000

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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.

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Non-Member Price $109

Member Price $89