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Auditors will be placing increased emphasis around revenue recognition in connection with annual private company audits covering the initial year of ASC 606 implementation. Since ASC 606 is a principles-based standard, there are many more management estimates and judgments required compared to previous accounting standards. Auditors of private companies should join this webcast to learn the basics of ASC 606 and considerations of companies’ implementation of the new revenue standard in upcoming year-end audits. Key Topics: • ASC 606 – Revenue from Contracts with Customers • Auditing revenue recognition
• Identify the basic accounting principles of ASC 606 • Recognize new internal controls management implemented to address related estimates, judgments, and disclosures • Recognize the importance of correctly assessing risks of material misstatement related to all relevant assertions for significant revenue classes • Select appropriate substantive procedures to respond to identified risks of material misstatement
Auditors of private companies whose clients recently implemented ASC 606
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