In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be delivered via Live Webinar.

Please do check the details before confirming your registration for the course/session.

Programme Objective
To equip participants with a competent understanding of the audit of complex revenue transactions.
 
This course will illustrate the application of the five-step approach to revenue recognition under FRS 115. The course will also discuss the key assertions with respect to complex revenue transactions and how to direct audit effort to address these assertions.
 
(Note: This course does not cover the detailed aspects of the audit of construction contracts, which is separately covered in ADT152 - Audit of Revenue: Long-term/Construction Contracts)

Programme Outline

• Discuss the five-step approach and general principles in determining the recognition of revenue from contracts with customers.
• Understand and evaluate the challenges in auditing the five-step approach to revenue recognition.
• Understand and evaluate the challenges in auditing complex revenue recognition transactions such as sales with warranty, consignment arrangements, bill-and-hold and customer royalty programme.
• Appreciate the audit approach and design appropriate audit procedures to test the primary financial statement assertions involving complex revenue recognition transactions.
• Formulate audit procedures to test the amounts attributed to complex revenue transactions.

Training Methodology
Lecture style, with Exercises/Case Studies
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

An Intermediate to Advanced level programme intended for auditors. Those who like to gain more understanding in the audit of complex revenue transactions are welcome to attend.

Programme Facilitator(s)