Auditing for Revenue Recognition (Currently Unavailable)

Author: Robert K Minniti

CPE Credit:  2 hours for CPAs

Are you up to speed on the new recognition standards and the audit procedures to use to ensure your audit client is compliant with the new revenue recognition standards? Have you recently reviewed the auditing standards?

This course is designed for individuals who would like to obtain a basic understanding of auditing for revenue recognition or who would like to review the standards. Join Robert Minniti as he reviews the revenue recognition standards and the audit procedures for auditing revenue recognition. The course will also review audit procedures for public companies, private companies, and not-for-profit organizations. Lastly, the course will consider audit steps for each of the management assertions.

Publication Date: January 2019

Designed For
CPAs, internal auditors, CIAs, external auditors, managers, CFOs and others responsible for revenue recognition decisions.

Topics Covered

  • SEC Statistics
  • Revenue Recognition Update
  • New Revenue Recognition Standards
  • Changes in the Revenue Recognition Standards
  • Revenue vs. Gains
  • Revenue Recognition 5 Core Principles
  • Identifying Customer Contracts
  • Determining the Transaction Price
  • Performance Obligations
  • Generally Accepted Auditing Standards (GAAS)
  • Auditor Responsibilities
  • Financial Statement Assertions
  • Auditor Responsibilities — AS 2401
  • Methods for Committing Financial Statement Fraud
  • Well Known Accounting Frauds
  • Small Company Accounting Frauds
  • Revenue Recognition Issues
  • Auditing for Revenue Recognition
  • Cutoff Review
  • Occurrence Review
  • Completeness Review
  • Accuracy Review
  • Other Audit Steps

Learning Objectives

  • Identify revenue recognition requirements
  • Identify revenue recognition audit procedures
  • Differentiate true statements about the new revenue recognition standards
  • Recognize and apply the steps in the new revenue recognition model
  • Describe transaction price
  • Identify standards of reporting under the Generally Accepted Auditing Standards (GAAS)
  • Recognize and apply actions that should be part of a review when performing a completeness review an audit
  • Describe an occurence review
  • Identify the effective date for the new revenue recognition standard implemented for public companies
  • Recognize which two organizations joined together to update the revenue recognition standards
  • Describe what is considered as financial statement fraud
  • Identify and apply the five steps in auditing for revenue recognition
  • Recognize during which type of review an auditor should look for evidence of skimming
  • Differentiate types of transactions an entity is required to apply under the new revenue recognition standards


Instructional Method

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites

Advance Preparation

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