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 provide audit professionals with guidance on the audit of revenue (including combined contracts, contract modifications, sales discounts and sales returns). This course will also cover the key concepts of the new revenue accounting standard, FRS 115, including the 5-step model, identification of performance obligations, allocation of transaction price and principal vs agent.
Programme Outline
- Understand the key concepts of the new accounting standard for revenue recognition (FRS 115), including presentation and disclosure requirements. (Specific examples of certain industries will be used to illustrate the key concepts).
- Understand the auditor’s responsibility for identifying, assessing and responding to risks of material misstatement arising from improper revenue recognition.
- Develop an understanding of the client’s revenue and receivable cycle, and the relevant financial statement assertions to be addressed.
- Identify and assess the risks of material misstatement in the client’s revenue and receivable cycle taking into account mitigating internal controls.
- Recognise the importance of addressing fraud risk in relation to revenue recognition.
- Determine the extent of reliance to place on internal controls in the revenue process; plan the nature, extent and timing of tests of controls, including evaluating the results of these tests of controls and assessing the impact on extent of substantive testing.
- Plan the nature, extent and timing of substantive tests (analytical procedures and tests of details) for various assertions related to revenue.
- Evaluate the audit findings and draw appropriate audit conclusions for revenue.
Training Methodology
Lecture style, with Exercises/Case Studies
Closing date for registration
1 week before programme or until full enrolment.
Intended For
A Foundation to Intermediate level programme intended for Audit professionals.
Schedule & Fees
Testimonial
Funding
No funding Available!
Programme Facilitator(s)
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 provide audit professionals with guidance on the audit of revenue (including combined contracts, contract modifications, sales discounts and sales returns). This course will also cover the key concepts of the new revenue accounting standard, FRS 115, including the 5-step model, identification of performance obligations, allocation of transaction price and principal vs agent.
Programme Outline
- Understand the key concepts of the new accounting standard for revenue recognition (FRS 115), including presentation and disclosure requirements. (Specific examples of certain industries will be used to illustrate the key concepts).
- Understand the auditor’s responsibility for identifying, assessing and responding to risks of material misstatement arising from improper revenue recognition.
- Develop an understanding of the client’s revenue and receivable cycle, and the relevant financial statement assertions to be addressed.
- Identify and assess the risks of material misstatement in the client’s revenue and receivable cycle taking into account mitigating internal controls.
- Recognise the importance of addressing fraud risk in relation to revenue recognition.
- Determine the extent of reliance to place on internal controls in the revenue process; plan the nature, extent and timing of tests of controls, including evaluating the results of these tests of controls and assessing the impact on extent of substantive testing.
- Plan the nature, extent and timing of substantive tests (analytical procedures and tests of details) for various assertions related to revenue.
- Evaluate the audit findings and draw appropriate audit conclusions for revenue.
Training Methodology
Lecture style, with Exercises/Case Studies
Closing date for registration
1 week before programme or until full enrolment.
Intended For
A Foundation to Intermediate level programme intended for Audit professionals.
Programme Facilitator(s)
