CORPORATE REVENUE ACCOUNTS REVIEW AND AUDIT BEST PRACTICES

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Michel Morley

Mike Morley

  • CPA Canada
  • CIA
  • CMA
  • CPA

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Before starting this self study program, please go through the instructional document.

Overview

  • Why the focus on revenue accounts?
    2 mins
  • Why the focus on sales accounts?
    19 mins
  • Sales accounts audit
    28 mins
  • Sales transection information
    43 mins
  • Customer purchase order
    62 mins
  • when to recognize revenue
    80 mins

Course Description

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.

Learning Objectives

  • To explore the Key information and documentation the auditor always wants
  • To identify what else could the auditor ask for?
  • To recognize how much you should tell the auditor
  • To identify what NOT to say to the auditor
  • To recognize what the auditor will ask your boss and how to be ready for that

Who Should Attend?

  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Young CPA
  • Accounting Managers
  • Certified Public Accountant

Testimonial

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