Audit 406: Auditing Revenue Recognition - Common Risks WEBINAR
Overview
This 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. Revenue recognition is presumed to be a significant risk for financial statement auditing purposes due to the increased risk of both fraud and error. This course is recommended for supervisory or managerial auditors. It is also appropriate for anyone who has responsibilities in auditing revenues.
Highlights
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
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.
Notice
None.
Leader(s):
Leader Bios
Jennifer Louis, Surgent McCoy CPE, LLC
Jennifer F. Louis, CPA has over 25 years of experience in designing and presenting high-quality training programs in a wide variety of technical accounting, auditing, and “soft skills” topics needed for professional and organizational success. She is the principal author of audit and attest related courses for Surgent and a frequent speaker at Surgent live programs and seminars. Ms. Louis is also the president of Emergent Solutions Group, LLC, a company she founded in 2003, dedicated to developing and delivering a wide variety of accounting and auditing training services, including audit staff training, audit productivity improvement, and value-added auditing. Prior to that, she was executive vice president/director of training services at AuditWatch, Inc. Before joining AuditWatch, Ms. Louis was the financial/operational internal audit manager at AARP. While at AARP, she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and training sessions. Ms. Louis was also an audit manager for Deloitte and Touche, LLP. During her years in that firm’s Washington, D.C. office, she served as an instructor for the firm’s national “Train the Trainers” program. Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting.
Non-Member Price $109.00
Member Price $89.00