CPE & Event Catalog

Analysis of requirements for revenue recognition under ASC 606. Discussion of the requirements for auditing revenue transactions. Analysis of internal control and fraud risk aspects. Identification of high-risk areas of revenue recognition. Suggested procedures for identified risks.

Revenue recognition. Topic 606.

Identify the contract with a customer. Identify the performance obligations in the contract. Determine the transaction price. Allocate transaction price to performance obligations. Recognize revenue when performance obligations are satisfied.

Identifying the contract with the customer. Multiple contracts with same customer. Enforceability and payment terms. Contract modifications. Determining performance obligations. Understanding performance obligations. Promised goods or services. Changes in customer requirements. Long-term contracts, and more.

Fundamentals of the revenue standard. The five-step revenue recognition model. Other revenue topics. Presentation and disclosure. Internal control over financial reporting.

Revenue analysis. Margin analysis. The price component. The volume component. The mix component. The cost component.

Documentation as a means of audit quality. Responsibilities of the workpaper reviewer. Appropriate review notes at various phases of the engagement, including before and after audit report date and report release. Important tips for providing reviews notes that will promote an effective and efficient financial statement audit.

Common security weaknesses that occur with hardware and software at home and in the office. Malware, ransomware, data breach, and incident response tips. Internal control failures which result in the theft of assets or unauthorized manipulation of data.

Review of applicable auditing standards for risk assessment. Update for SAS 145. Identification and discussion of high-risk audit areas. Discussion and analysis of control risk vs. inherent risk. Practical approach to auditing companies where controls are minimal or not adequately documented. Detailed discussion and examples of risk assessment procedures and alternative approaches.

SAS 145. Issues related to IT in an audit.

Robotic process automation. Accounting.

Robotic process automation. Risk management.

AGI limits. Roth contributions. Modified adjusted gross income. Designated Roth account. Roth conversions. Early withdrawal penalty tax.

Roth IRAs.

S corporation advantages. Payroll tax advantages. Requirements to form an s corporation. The S corporation election. The annual S corporation tax return. Accounting methods. Section 199A deduction for qualified business income. S corporation distributions. Differences between the S corporation and other entities.

Estates and trusts as eligible shareholders. Form 1120S, Schedule B-1. Grantor trusts. Estate and gift tax treatment. GRAT and GRUT. Beneficiary controlled trusts.

Gains and losses realized. Asset transfer. Stock transfer. Sale of assets. Purchaser's tax consequences. Allocations. Effects of agreement.

S corporation status. Income and expense. Built-in gain. Basis of stocks and debts. Form 1120S. Fringe benefits.

Formation of an S Corporation. Tax rules concerning incorporation. Formless conversions and cross-entity mergers. Conversion of limited liability company to corporation or vice versa via state law. Tax treatment of formless conversion of a partnership. Changing tax status without changing nontax status. Options within elective status.

Sale of a profitable business. Special considerations for exiting a troubled corporation. Due diligence concerns. Asset transfer. Stock transfer. Tax-free reorganization.