Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
CHAPTERAuditing the Revenue CycleCHAPTER OVERVIEW AND LEARNING OBJECTIVESAccounts in the revenue cycle should be presumed to be high risk for most aud Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2dits because these accounts are highly susceptible to misstatement. Auditors must carefully consider management’s motivation to stretch accounting principles to achieve desired revenue reporting. Auditors need to understand theThrough studying this chapter, you will be ableIdentify the significant a Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2ccounts, disclosures, and relevant assertions in the revenue cycle.2. Identify and assess inherent risks of material misstatement in the revenue cycleEbook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
.3 Identify and assess fraud risks of material misstatement in the revenue cycle.4. Identify and assess control risks of material misstatement in the CHAPTERAuditing the Revenue CycleCHAPTER OVERVIEW AND LEARNING OBJECTIVESAccounts in the revenue cycle should be presumed to be high risk for most aud Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2res, and assertions.Ó. Determine appropriate responses to identified risks of material misstatement for revenue cycle accounts, disclosures, and assertions.torelationships present in the accounts and how to best approach the audit. In terms of the audit opinion formulation process, this chapter prim Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2arily involves Phases II, 111, and IV—performing risk assessment procedures, tests of controls, and substantive procedures for the revenue cycle.achieEbook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
ve these learning objectives:7Determine appropriate tests of controls and consider the results of tests of controls for revenue cycle accounts, discloCHAPTERAuditing the Revenue CycleCHAPTER OVERVIEW AND LEARNING OBJECTIVESAccounts in the revenue cycle should be presumed to be high risk for most aud Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2sertions.9Apply the frameworks for professional decision making and ethical decision making to issues involving the audit of revenue cycle accounts, disclosures, and assertions.AiMtf mfcw t*.4tU z.rfU Lwm^M***r«*4 toiMMMMB M *9 1*0 ifEbook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
and Mechanisms to Address Fraud: Regulation, Corporate Governance, and Audit QualityChapters 1 and 2Completing the Audit and Making Reporting DecisioCHAPTERAuditing the Revenue CycleCHAPTER OVERVIEW AND LEARNING OBJECTIVESAccounts in the revenue cycle should be presumed to be high risk for most aud Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2ess and A Framework for Obtaining Audit EvidenceChapters 5 and 6PROFESSIONAL JUDGMENT IN CONTEXTHow to Account for Virtual Sales at ZyngaI lave you ever purchased a piece of virtual farm equipment while playing Zynga’s popular game FarmVille? Maybe you have purchased a tractor that allows you to plo Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2w multiple plots of land at one time. You might have used FarmVille currency to make these purchases. Alternatively, you could have convened real dollEbook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
ars from a credit card or PayPal account into the larmVille currency and then used that currency to buy a virtual tractor or other piece of equipment.CHAPTERAuditing the Revenue CycleCHAPTER OVERVIEW AND LEARNING OBJECTIVESAccounts in the revenue cycle should be presumed to be high risk for most aud Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2g goods from FarmVille and other games, accounted for nearly all of Zynga’s $1.1 billion in 2011 revenues—and 12% of revenue for Zynga’s distributor, Facebook.1 low do the involved companies account for these sales? Consider, for example, that you buy and hold Facebook credits (used to buy virtual g Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2oods in games on Facebook). Facebook treats the purchase of these credits as deferred revenue. This approach works in the same way as a retailer wouldEbook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
record the sale of a gift card. Now assume that you buy a FarmVillc's hot rod tractor, lb make this purchase, you could use your Facebook credits or CHAPTERAuditing the Revenue CycleCHAPTER OVERVIEW AND LEARNING OBJECTIVESAccounts in the revenue cycle should be presumed to be high risk for most aud Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2 this point Facebook moves that $3 from deferred revenue into current revenue. Now the relevant question is: when does Zynga get to recognize its $7 in revenues? In general, revenue should not be recognized until it is realized or is realizable and earned. So even if a company has cash in hand, it c Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2annot be counted as current revenue until the company has delivered the product or service it is being paid for. However, neither the Financial AccounEbook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
ting Standards Board (FASB) nor the Securities and Exchange Commission (SEC) has issued rules for sales of virtual harvesters or any other virtual proCHAPTERAuditing the Revenue CycleCHAPTER OVERVIEW AND LEARNING OBJECTIVESAccounts in the revenue cycle should be presumed to be high risk for most aud Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2this area.E&Y’s guidance outlines three different revenue approaches: game-based, in which revenue is recognized very slowly, over the life of the game; user-based, a faster approach that lasts over the time a typical user sticks with the game; and speedy item-based, based on the properties of the i Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2ndividual virtual goods. Using the last method, Zynga recognizes revenues from consumable virtual items, like energy, immediately andCHAPTERAuditing the Revenue CycleCHAPTER OVERVIEW AND LEARNING OBJECTIVESAccounts in the revenue cycle should be presumed to be high risk for most audCHAPTERAuditing the Revenue CycleCHAPTER OVERVIEW AND LEARNING OBJECTIVESAccounts in the revenue cycle should be presumed to be high risk for most audGọi ngay
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