Basic Staff Training: Auditing Accounts Receivable & Revenue

Author: Robert K Minniti

CPE Credit:  2 hours for CPAs

Are you going to perform an audit on accounts receivable & revenue? Whether you are a new auditor or just need a refresher on this topic this course is for you. We will review the auditing standards and look at best practices for auditing accounts receivable & revenue.

This session will prepare help the staff auditor know what to do and why. In addition, it will also help the senior accountant be better prepared to know how to plan the audit procedures as well as review the work of the staff in this important audit area.

Many auditors are so busy they don’t have the time to understand the concepts behind the audit procedures being performed in a given audit area. This session is the fourth in an audit concepts series that takes the participants on a journey that links the audit procedures to the audit standards. The session will also offer practical ideas on how to make the audit area procedures more efficient while maintaining the audit quality.

Publication Date: August 2019

Topics Covered

  • A Review of the Auditing Standards
  • A Review of the Financial Statement Assertions
  • Fraud Risks in Revenue & Receivables Accounts
  • Accounts Receivable and Revenue Risks & Issues
  • Audit Procedures for A/R & Revenue

Learning Objectives

  • Identify the fraud risks in revenue and receivable accounts
  • Identify audit procedures for auditing accounts receivable & revenue
  • Differentiate which standards requires an auditor to have adequate technical training and proficiency to perform the audit
  • Describe where the assertion of existence falls under
  • Recognize which procedure starts with a source document and verifies the transaction is recorded in the financial statements
  • Identify which cutoff is one of the management assertions for
  • Describe Benford's Law
  • Recognize examples of analytical procedure
  • Identify the five core principles for revenue recognition
  • Recognize the requirements to identify a customer contract
  • Identify the materiality threshold for fraud
  • Describe the correct formula for the audit risk model
  • Describe the fraud triangle
  • Describe Standalone Selling Price
  • Identify what is important to review for when auditing for revenue recognition


Instructional Method

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $59.00

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