Performing Audit Tests of Balances (In-Person and Remotely)—Part 11, Auditing Revenue

CPE Credit: 2 hours

All principles of revenue recognition are based on the foundation laid in U.S. accounting standards. On July 1, 2009, the Financial Accounting Standards Board (FASB) launched its online Accounting Standards Codification (ASC) which is the one authoritative source of U.S. GAAP. The FASB combined all accounting standards included in the existing GAAP Hierarchy from SFAS No. 162 in the ASC, all of which is now considered authoritative GAAP.

To understand principles of revenue recognition, we begin with the authoritative standards from the ASC.

Topics Covered

• Revenue recognition

Learning Objectives:

• Understand the basic principles of revenue recognition
• Understand the basic procedures for auditing revenues
• Understand the impact of audit strategies on revenues auditing procedures
• Understand the mix of evidence and the design of tests of balances auditing procedures for revenues