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Author: |
Kelen Camehl, CPA, MBA |
Course Length: |
Pages: 16 ||| Word Count: 6511 ||| Review Questions: 3 ||| Final Exam Questions: 5 |
CPE Credits: |
1.0 |
IRS Credits: |
0 |
Price: |
$12.95 |
Passing Score: |
70% |
Course Type: |
Text |
Technical Designation: |
Technical |
Field Of Study: |
Auditing |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This course explores common red flags in financial reporting and revenue recognition, focusing on the application of ASC 606 and warning signs of improper revenue reporting.
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Frequently Asked Questions: |
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Description: |
This course explores common red flags found in financial reporting and revenue recognition that auditors should watch for during an audit. Key topics include identifying unusual patterns in financial statements, such as irregular revenue or expense recognition, discrepancies in accounts, and indicators of financial manipulation. The course also covers red flags in revenue recognition practices, focusing on the application of ASC 606 and the warning signs that suggest improper revenue reporting. This course emphasizes how auditors can detect financial misstatements early and respond effectively. |
Usage Rank: |
23000 |
Release: |
2025 |
Version: |
1.0 |
Prerequisites: |
None. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
External: Inherent Risk: Definition, Examples, and 3 Types of Audit Risks
Internal: Audit CPE Courses - Revenue Recognition
Internal: Identifying Audit Risks - Financial Reporting and Revenue Recognition (Course Id 2501)
External: FASB: Background and Basis for Conclusions on ASC Topic 606, Revenue from Contracts with Customers
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
07-Mar-2025 |
NASBA Course Declaration: |
Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
Keywords: |
Identifying Audit Risks - Financial Reporting and Revenue Recognition - CPE course for CPAs |
Learning Objectives: |
Course Learning Objectives Upon completion of this course, you will be able to:
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Course Contents: |
Chapter 1 - Identifying Audit Risks - Financial Reporting and Revenue Recognition Course Learning Objectives Course Overview Introduction Financial Statement Irregularities Key Financial Ratios and Benchmarks Review Questions Unusual Accounting Practices Financial Statement Warning Signs Using Analytics and Trend Analysis Revenue Recognition Red Flags Common Methods of Fraudulent Revenue Recognition Unusual Patterns in Customer Relationships and Sales Detecting Improper Revenue Recognition Conclusion Review Questions Glossary of Key Terms |
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