Event Description

Revenue recognition is presumed to be a significant risk requiring special audit consideration for financial statement auditing purposes. This module will provide tips and techniques for obtaining sufficient and appropriate audit evidence to support conclusions related to accounting for revenues obtained from contracts with customers.

Objectives

• Identify typical revenue recognition risks, including the impact of applying the newest revenue recognition model of Topic 606
• Explain how to link the assessed risk of material misstatement to a detailed audit plan for revenue recognized in a contract with a customer
• Recall special revenue recognition considerations, such as contracts with financing elements, multiple distinct performance obligations, and more