Auditing revenue recognition is one of the most important aspects of an audit engagement. Understanding generally accepted accounting principles, how misstatements of revenue can occur, and how to design audit responses is essential for an effective and efficient process. Additionally, the risks of management overriding controls and misstatement of revenues are among the most significant fraud risk factors. In this course, you'll learn how the auditor begins consideration of these fraud risks - and other risks of misstatement due to error - during engagement planning, utilizing an increased level of professional skepticism throughout the audit to detect further misstatements.
Upon successful completion of this course, participants will be able to:
- Recognize the basic principles and methods of revenue recognition.
- Recognize the basic procedures for auditing revenues.
- Recognize the impact of audit strategies on revenue auditing procedures.
- Identify standards requirements, the mix of evidence, and the design of tests of balances auditing procedures for revenues.
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