Identifying Audit Risks - Financial Reporting and Revenue Recognition

Course Overview
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.  

Learning Objectives
Upon completion of this course, you will be able to:
•    Identify red flags in financial statements that suggest potential misstatements or fraud
•    Recognize common issues in revenue recognition practices that could indicate improper reporting
Distinguish between normal financial reporting practices and warning signs of manipulation
 

Revision Date:  NEW 1/24/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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