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Webinar(CA): Auditing Revenue Under the New Revenue Standard

Description

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.

Learning Objectives

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 Topics

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

Provider
California CPA Education Foundation
Course Level
Basic
CPE Field of Study
Auditing
4
Who Should Attend

CPAs, Auditors

Instructor(s)
Eugene Ristaino
Prerequisites

None

Advanced Preparation

None

Location
Webinar
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When
Nov 9, 2020
9:30 am - 1:00 pm MDT
Location
Webinar
Total CPE Credits
4
Format
Webinar

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Webinar(CA): Auditing Revenue Under the New Revenue Standard


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