Revenue is one of the key figures in the financial statements but one that regulators tell us is often audited badly. This seminar will address all the crucial requirements and highlight common pitfalls and how to avoid them.
Topics covered include:
- Evaluating revenue recognition policies, updating systems notes and internal controls
- Assessing and documenting risk – including the presumption of fraud
- Substantive testing of revenue – how it’s done and what to put on file
- Performing and using analytical procedures when testing revenue
- Drawing and documenting conclusions on the audit file