AICPA's Audit Staff Essentials, Level III – Audit Senior/In-Charge
This comprehensive, integrated curriculum provides audit training for three different experience levels – New Staff (Level I), Experienced Staff (Level II); and Audit Senior/In-Charge (Level III).
This course is part of Audit Staff Training, Level III – Audit Senior/In-Charge and provides a level of training of the more difficult areas for experienced auditors. This level will give staff the confidence necessary to begin assuming client and engagement management responsibilities.
A substantial number of financial statement reporting problems, audit failures, and litigation against accounting firms relates to revenue recognition issues. In this course, you will review the accounting requirements surrounding revenue recognition and learn where to go for additional accounting guidance. You will then go through the audit procedures and learn how to recognize fraud associated with improper revenue recognition and detect revenue misstatements.
You'll learn that audit procedures focused on the balance sheet are not enough. In a series of interactive case studies, you'll practice the key points related to trouble spots like shipping policies, absence of an agreement, cancellation clauses, right of return, and more.
Current accounting guidance
Recognition of revenue
Designing and performing audit procedures
Complexities of revenue recognition
When you complete this course, you will be able to:
Apply fundamental accounting principles related to revenue recognition
Evaluate your client's revenue recognition policy for compliance with generally accepted revenue recognition criteria
Identify signs of improper revenue recognition
Design and apply audit procedures to detect potential misstatements of revenue
Detect material misstatements related to revenue recognition when rights of return exist
Prerequisite: At least 20 months of audit experience