This course clarifies for the auditor every action needed to audit revenue. It describes the characteristics of revenue from an auditing perspective, and then goes on to describe the steps required to audit revenue. Background information concerning revenue recognition is also included, such revenue recognition rules, consignment arrangements, customer acceptance issues, revenue fraud, and revenue controls.
Upon successful completion of this course, participants will be able to:
- Recognize the various accounts that comprise an organization’s revenue.
- Describe the different types of revenue fraud arrangements.
- Cite the methods used by an auditor to audit revenue.
- Identify the circumstances under which a contract does and does not exist.
- Recognize the steps used in the revenue recognition process.
- Describe how and when the expected value method is used.
- Recognize the accounting rules that apply to noncash assets, nonrefundable fees, and customer acceptance.
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