Revenue recognition is a significant risk that requires special audit considerations for financial statement auditing purposes. Revenue is one area that is particularly susceptible to fraud because its manipulation can make a company appear to be an attractive investment target and result in fabulous bonuses paid out to its executives. Hence, accountants and internal auditors’ have a crucial role to play in preventing revenue manipulation by ensuring that proper revenue policies and procedures are being followed.
This webinar avails you with an overview of how to ensure revenue recognition has followed all the updated standards. Further, it offers some of the best practices in corporate revenue account review being used today.
Major Topics Covered:
- Simplifying revenue policies and procedures
- The pros and cons of random audits
- Avoiding the month-end close review crunch
- Using online management reporting systems
- Best practices in revenue allocation and deferral
- Best use of rolling revenue forecasts
- Centralizing your revenue account review function
- Internal controls for fraud detection
- Internal audits
- Inserting a fair value into the revenue recognition cycle
- Timeliness of revenue recognition issues
- Revenue data collection and analysis of best practices
- This webinar will provide tips and techniques for obtaining sufficient and appropriate audit evidence to support efficient revenue recognition and its audit conclusions.