Live Stream: Auditing the Complex - Revenue and Leases
244 | Livestream | Basic | Scheduled
Description
Two of the most complex ASUs released in the last decade updated revenue recognition and leases. Auditing these complex accounts has never been more difficult. Revenue is often one of the largest and most significant line items in a company's financial statements. It is also the line item that is most susceptible to fraud. Further, all companies reporting under U.S. GAAP have recently completed adoption of ASC 606. In this course, we will review the key elements of ASC 606, including key disclosure requirements for private companies under the standard. Then, we'll focus on how to audit revenue, including the elements of an effective risk assessment related to revenue, key controls over the revenue process, and substantive procedures. For leases under ASC 842, we will review the accounting model for lessees and review in detail the key considerations in accounting for operating leases under ASC 842 and the other key guidance in the standard. Then, we'll review common audit procedures related to auditing the lease liability and the related right-of-use asset, including reviewing the enhanced lease disclosure requirements under ASC 842. When you complete this course, you will be prepared to tackle both ASC 606 and 842.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 4.00 | Auditing |
Designed For
Accountants with responsibilities for auditing accounts receivable
Highlights
- Topic 606, Revenue from Contracts with Customers, including recently issued ASUs impacting Topic 606
- The FASB's five-step revenue recognition model, including hands-on examples and illustrations of the new guidance, including presentation and disclosure requirements
- Performing an effective risk assessment related to revenue
- Common internal controls and substantive audit procedures related to revenue and leases
- ASC 842 - lease accounting guidance for both lessees and lessors
Objectives
- Understand the FASB's comprehensive revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers
- Explain audit risks associated with revenue and leases
- Discuss how to tailor the audit plan to assessed risks of material misstatement
- Recall common substantive procedures related to revenue
- Comprehend and apply the FASB's comprehensive lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842)
- Understand auditing considerations related to ASC 842 subsequent accounting
Prices
- Member (Early Bird)
- $189.00
- Non-Member (Early Bird)
- $249.00
- Member
- $189.00
- Non-Member
- $249.00
Instructors
Robert P. Bedwell, CPA
Bob is an accounting and finance professional with over 39 years of audit and accounting experience. Bob's experience includes a full range of corporate accounting and assurance services, including financial statement preparation, auditing, SEC reporting, mergers and acquisitions, divestitures, due diligence, financing regulatory compliance, accounting system oversight, internal controls, IFRS conversions, Sarbanes-Oxley compliance advisory, and the independent review of external data.
He is currently director of administrative services at Progressive Care Inc. in Hallandale Beach, Florida. Bob has been a discussion leader on numerous topics for Surgent Professional Education, the Florida Institute of Certified Public Accountants, and the American Institute of Certified Public Accountants, as well as for the firms for which he has worked, and has received high evaluations for his knowledge of topics and presentation skills.
Subject areas for which Bob has served as a discussion leader (and, in some cases, author) include: professional ethics; fraud risk; and a variety of accounting and auditing overviews and standards updates.
Bob received his Bachelor of Science in accounting and finance from Upsala College in East Orange, New Jersey, and has also earned a master's degree in accounting from Florida Atlantic University. Licensed as a Certified Public Accountant in Florida, Bob is a member of the Florida Institute of Certified Public Accountants (FICPA) and the American Institute of Certified Public Accountants. He has previously served as chairman of the FICPA Accounting Principles and Auditing Standards Committee.
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