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Auditing Revenue in Certain Industries - AICPA Audit Guide

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Ensure you have the most current authoritative guidance on auditing revenue.

The AICPA Audit & Accounting Guide Auditing Revenue in Certain Industries is developed by leading experts from industry and public practice. It provides guidance based on newly issued and effective accounting and auditing standards to assist practitioners in addressing audit and accounting issues commonly experienced in revenue recognition in the computer software and high-technology manufacturing industries. 

This AICPA Audit Guide has been fully updated to reflect the new standards resulting from the Clarity Project. Fully incorporating the clarified auditing standards into this edition of the guide enables auditors to further their understanding of these recently issued auditing standards, as well as begin updating their audit methodologies, resources, and tools prior to the clarified auditing standards’ effective date. Additionally, this approach gives auditors the opportunity to review and understand the changes made by their third-party audit methodology and resource providers, if applicable. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits).

This guide includes relevant guidance contained in applicable standards and other technical sources. This guide addresses complex revenue recognition issues, including:

  • Contract accounting, including construction-type and production-type contracts
  • Indicators of improper revenue recognition
  • Tangible products delivered with software components and nonsoftware components
  • Units of accounting, allocation of arrangement consideration, and VSOE, TPE, and BESP
  • Auditing revenue assertions
  • Auditing revenue transactions in the computer software industry and the high-technology manufacturing industries

The guide offers clear and practical guidance on recent developments in areas such as risk assessment, internal controls, and revenue recognition.  All content is reviewed by industry experts and the appropriate AICPA senior committees.

Note: While auditors should continue to use the previous edition of this guide (2011 edition) until the clarified auditing standards become effective, now is the time to prepare for the clarified standards.

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Paperback , 2012
Product# AAGREV12P
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Auditing Revenue in Certain Industries - AICPA Audit Guide
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Product# AAGREV12E
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