Categories
Resources for Accountants

Revenue Accounts and Management Assertions [Video]

Once the auditor has a solid understanding of the company’s revenue and collection cycle, the auditor can identify (a) significant accounts and (b) relevant assertions. The auditor should first identify the significant accounts. An account is significant if there is a reasonable chance it could contain a material misstatement. The auditor can use the audit risk model to identify significant accounts, as follows: • Set audit risk at a level (e.g., low) with which the auditor is comfortable • Assess the risk of material misstatement (both inherent risk and control risk) • Set detection risk at the appropriate level for the account Certain accounts will be at a higher risk of material misstatement, so the auditor needs to focus the most attention on those accounts (thereby decreasing detection risk for those accounts). Note that there is always presumed to be a fraud risk for revenue recognition, so sales revenue will …
Watch/Read More

Most Popular Posts Today

What is material to the financial statements? [Video]
►
Categories
Resources for Accountants

What is material to the financial statements? [Video]

Jenny will help you "close the GAAP" on what is material to the financial statements. Check out her quick video explanation here! If you are interested in learning more, explore our eLearning courses on our GAAP Dynamics Learning Library: Cybersecurity: Financial Reporting Issues and SEC Disclosures: https://www.gaapdynamics.com/product/cybersecurity-financial-reporting-issues-and-sec-disclosures/ Audit Planning and Materiality: https://revolution.gaapdynamics.com/learn/courses/546/audit-planning-and-materiality

Most Popular This Week

Accountant or Bookkeeper? Which Role Is Right for You [Video]
►
Categories
Resources for Accountants

Accountant or Bookkeeper? Which Role Is Right for You [Video]

Become a Controller; enroll in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy This video will be your ultimate guide on the differences But more importantly, I am gonna focus on how you can make high 6 figures with either of these 2 professions So here is our agenda: we'll take a look at the Job responsibilities of both the bookkeeper and the accountant We'll talk about the education requirements And then, I'll tell you How you can earn high 6 figures regardless of whether you chose to be a bookkeeper or an Accountant Time Stamps: 00:00 Intro 00:27 Agenda 00:46 1. Job Responsibilities 02:23 2. Education Requirements 04:07 3. How Accountants Make $100K plus 06:37 4. How Bookkeepers Make $100K plus ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice