Intermediate Staff Training: Auditing Revenue Recognition

Author: Robert K Minniti

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? This course is designed for individuals who would like to obtain a better understanding of auditing for revenue recognition or who would like to review the standards. Although we will touch on cash basis accounting to show the differences this course will concentrate on GAAP accounting, specifically the revenue recognition requirements in ASC 606. We will review the revenue recognition standards and the audit procedures for auditing revenue recognition under GAAP.

Publication Date: February 2023

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

Topics Covered

• Revenue
• Revenue vs Gains
• Revenue Recognition Standards - GAAP
• Audit Sampling
• Revenue Recognition Issues
• Revenue Recognition Audit Procedures

Learning Objectives

• Identify revenue recognition requirements per GAAP
• Identify revenue recognition audit procedures
• Describe acceptable ways to estimate the standalone selling price in a contract
• Recognize how to differentiate types of contracts and how they apply in various scenarios
• Recognize what should be recorded as revenue for a company
• Describe the five core principles for revenue recognition
• Identify requirements of a customer contract
• Describe standalone selling price
• Recognize requirements in a contract for recognizing revenue

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None