My Profile
My Events
My Self-Study
My CPE Tracker
My Discounts
Member Directory
Upcoming Events
Communication Preferences
My Committees
My Transactions
My Dues
Online Store

Help

Sessions | Instructor | Event Registration |

Event Information

Auditing Revenue Under the New Revenue Standard Webcast | 4204307A
Date: August 12, 2020
Event Start time: 8:30 AM   End time: 12:00 PM
Location: Webcast

Facility: Webcast Remote

 


Member:       $149
Nonmember: $199

CPE Credits:

4.00 CPE: Continuing Professional Education Technical
4.00 AA: Auditing & Accounting


 

Revenue involves significant risks that warrant special consideration during audits.

The Financial Accounting Standards Board ("FASB") has issued a new standard - "Revenue from Contracts with Customers", that replaces most industry-specific revenue recognition requirements in U.S. GAAP. A new principles-based, five-step revenue recognition model now applies. New disclosures of qualitative and quantitative information, significant judgments, and changes in judgments are also required.

New systems, processes, and controls may be needed. Poor design or implementation may pose heightened risks of material misstatement, including those due to fraud.

 

Objectives:
 

Recognize details of revenue transactions with customers that require special attention or revision in the recognition process

Determine appropriate areas where revenue transactions present the highest risk for material misstatements in the financial statements

Identify approaches to perform appropriate audit procedures of the revenue recognition process including testing of individual transactions

 

Major Subjects:
 

• Analysis of requirements for revenue recognition under ASC 606
• Discussion of the requirements for auditing revenue transactions
• Analysis of internal control and fraud risk aspects
• Identification of high-risk areas of revenue recognition
• Suggested procedures for identified risks
 

 

Level of Difficulty:
Basic

Field of Interest:
Auditing

Prerequisites:
 

None

 

Designed For:
 

CPAs, Auditors

 

Advanced Prep:
 

None

 

Event Notes:
Save with Discount Programs

Join or Renew Today