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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.



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:

Field of Interest:




Designed For:

CPAs, Auditors


Advanced Prep:



Event Notes:
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