Programme Objective

Revenue is typically a significant account, often involving significant risks that warrant special audit consideration, and is therefore a focus area in regulatory inspections.

This course aims to provide practical audit procedures that can be implemented to audit revenue as recorded in accordance with FRS 115 – Revenue from Contracts with Customers. Practical cases and examples will be used to illustrate the various concepts and direct application in real life.

Programme Outline

• How to evaluate audit client’s:
  • identification of performance obligations in the contracts with customers, i.e. single performance obligations or multiple performance obligations;
  • timing of revenue recognition, i.e. at a point in time or over time;
  • measurement of revenue, including variable considerations such as sales return, performance penalty, volume rebate;
  • accounting system in revenue recognition.
• Risk assessment – evaluating the gap between how revenue should be recognised and how revenue is recognised by the audit client’s accounting system
• Develop audit procedures in respond to the risk identified in risk assessment

Training Methodology

Lecture style with exercises / case studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

All levels of audit professionals.

Programme Facilitator(s)