Auditing Revenue Recognition – Grasping the Higher Risks and Special Audit Considerations

Revenue recognition is presumed to be a significant risk requiring special audit consideration for financial statement auditing purposes. This module 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.

Major Topics:

• 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