Chapter 4 Presentation Example Client performance measurement Significant legal compliance issues exist when making sales delivering on contracts and collecting sales Compliance with laws and regulations There is
Auditors often perform reconciliations between recorded revenue and the underlying supporting documentation to ensure consistency and accuracy as well as testing Accuracy All revenue transactions have been recorded correctly Cut off All revenues have been recorded in the correct accounting period Classification All revenue transactions have been
Chapter 4 Presentation Example
Chapter 4 Presentation Example
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Here s how auditors typically approach this Understanding the Company s Revenue Streams First auditors need to understand the company s revenue streams how 4 Accuracy Under this assertion the auditor performs the audit procedures to ensure and confirm accuracy of revenue Below list down the audit procedures that auditors may carry out
When auditing revenue auditors will analyze your company s processes including the underlying technology and internal controls to ensure compliance with the rules The goals 1 importance of Revenue recognition Financial Reporting Revenue recognition directly impacts a company s financial statements Proper recognition ensures that financial
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Inaccurate revenue reporting also may call into question the accuracy and integrity of every other line item on your income statement as well as amounts reported for accounts ISA 240 Risk of fraud in revenue recognition Careful consideration needed Not just a yes no Rationale must be documented Consider and conclude on each revenue stream 1
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Client performance measurement Significant legal compliance issues exist when making sales delivering on contracts and collecting sales Compliance with laws and regulations There is
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Auditors often perform reconciliations between recorded revenue and the underlying supporting documentation to ensure consistency and accuracy as well as testing
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Chapter 4 Presentation Example - [desc-12]
