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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

 

Learning Objectives

  • Discuss 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.
  • Describe special revenue recognition considerations, such as contracts with financing elements, multiple distinct performance obligations, and more.
Last updated/reviewed: May 19, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 3 - In-Charge/ Senior

  1. Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
  2. Reviewing Workpapers - Embracing Responsibilities for Quality Control
  3. Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
  4. Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities
  5. Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
  6. Auditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure
  7. Audit Reporting Advanced Concepts - Understanding the Impact of General Audit Procedures on Disclosures and Audit Report Modifications
  8. Critical Traits of a Thinking Auditor - Stretching Experienced Auditors Beyond the Basics
  9. Client and Engagement Management - Managing the Black Holes That Erode Profitability
  10. Supervisor Skills - Coaching Staff to Stay on the Right Track
  11. Professional Ethical Considerations for CPAs
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.
Designed For: Accountants responsible for auditing revenue recognition.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  0:52Learning Objectives for Auditing Revenue Recognition
  8:07Introduction
  3:18Common Audit procedures
  11:27New Revenue Recognition Model-Step 1
  11:16New Revenue Recognition Model-Step 2
  9:02New Revenue Recognition Model-Step 3
  5:30New Revenue Recognition Model-Step 4
  7:40New Revenue Recognition Model-Step 5
  5:04New Revenue Recognition Model-Other Matters
  6:27Analytic procedures Related to Revenue Recognition
  16:32Fraud Considerations Related to Revenue Recognition
  7:52Case Study-Example Revenue Recognition Audit Issues
CONTINUOUS PLAY
  1:39:55Auditing Revenue Recognition
SUPPORTING MATERIAL
  PDFSlides: Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
  PDFAuditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM