DESCRIPTION
This module introduces participants to the revenue recognition guidance contained in ASC 606 – Revenue from Contracts with Customers. Via a guided case study, the module addresses the auditor’s responsibilities related to auditing revenue and includes a discussion of common Audit approaches in various industries to gather sufficient, appropriate evidence.
LEARNING OBJECTIVES
• Describe the five-step process for recognizing revenue under ASC 606 – Revenue from Contracts with Customers
• Identify appropriate Audit procedures for revenue in various industries and situations