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ASC 606: What Auditors Need to Know
Audit & Assurance
Webcast

ASC 606: What Auditors Need to Know

During this webcast we will review the five steps in recognizing revenue under ASC 606 and improve your audit quality by avoiding four common missteps.

$99 - $119
Do you have an AICPA membership? Log in to apply your member discount.

Format

Webcast

Date

Jan 19, 2021

NASBA Field of Study

Auditing

Level

Intermediate

CPE Credits

2

Author(s)

Bob Dohrer, Michael Cheng, Toni Lee-Andrews, Carl R. Mayes Jr.

Availability

3 months

 Part of Webcast Pass
 Business & partner 
Learning Outcomes
  • Recall the five principles of the new revenue recognition standard.
  • Recognize key challenges involved in the implementation of FASB ASC 606, Revenue from Contracts with Customers.
  • Recognize common audit failures relative to auditing revenue under ASC 606.
  • Identify where auditors are at risk of impairing their independence resulting from non-attest services.
Key Topics
  • The background, purpose and main provisions of the revenue recognition standard
  • The five-step process for recognizing revenue
  • The impact of the revenue recognition standard on audit engagements
  • Audit report requirements
  • Identifying risks to auditor’s independence
  • Audit considerations for clients with revenue subject to ASC 606
Product Details

Significant Change

Implementing the new FASB ASC 606, Revenue from Contracts with Customers, is likely the most significant and comprehensive change for most entities and their auditors in many years. Auditors will emphasize procedures 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. We’ve identified common challenges auditors face when auditing clients with revenue from contracts with customers and threats to auditor independence.

This webcast will teach you about the impact of the new standard and how to avoid common challenges in your audit engagements.

Who Will Benefit
  • Auditors of private companies whose clients recently implemented ASC 606
Pricing
Do you have an AICPA membership? Log in to apply your member discount.
Nonmembers
$119.00
AICPA Members
$99.00

Looking for group pricing?

We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org

Contact us
Credit Info
CPE Credits
2
NASBA Field of Study
Auditing
Level
Intermediate
Prerequisites
Experience performing audit engagements
Access
This is a live event. You will have access on the date/time of broadcast and the archive for 3 months after the broadcast date.
Duration
2 hrs
Speakers
Bob Dohrer
CPA, CGMA
Bob Dohrer is the Chief Auditor at the American Institute of Certified Public Accountants. Bob serves as an expert on US and international auditing and attestation standards and leads Professional Standards teams in the delivery of high-quality, innovative audit, attest, quality control, review, compilation and preparation standards. Bob provides strategic direction to the Auditing Standards Board (ASB) and the Accounting and Review Services Committee (ARS), in partnership with their Chairs. He works with the ASB in identifying and developing new, innovative and transformational auditing standards that encourage the use of technology in the financial statement audit and in visioning how the audit might change as technology advances. Bob represents the AICPA and participates in leadership and activities of the Committee of Sponsoring Organizations (COSO), The International Auditing and Assurance Standards Board (IAASB) and The U.S. Standard-Setting Coordinating Committee (AICPA-PCAOB-GAO), with the ASB chair, promoting collaboration and uniformity. Prior to joining the AICPA in October 2018, Bob was RSM International Limited’s Global Leader - Quality & Risk, based primarily in RSM’s Executive Office in London. Bob had overall responsibility for the global network’s audit and other attest services policies, procedures and guidance. Prior to joining the RSM Executive Office in March 2012, Bob served as the RSM US LLP’s (formerly McGladrey) Director of Assurance Services and International Assurance Services Practice Leader and served a broad range of clients. Bob has twenty-nine years of experience in public accounting, all with RSM and McGladrey. Bob is the immediate past chair of the AICPA’s Assurance Services Executive Committee (ASEC) and in that role led the AICPA through recent efforts related to SOC, cybersecurity, sustainability and use of emerging technologies. Bob also served two terms on the ASB. Internationally, Bob is a member of the IAASB, where he serves as Chair of the Data Analytics Working Group, Co-Chairs the Group Audits Task Force and is a member of the Quality Control Task Force. Prior to being appointed to the IAASB, Bob served two terms as Chair of the Forum of Firms. Bob graduated from the University of South Dakota with a Master of Professional Accountancy degree and from Black Hills State University with a Bachelor of Science degree in accounting.
Michael Cheng
Mike Cheng joined Frazier & Deeter in 2019 as the Partner who oversees the firm’s professional practices related to accounting and audit. As part of this role, he specializes in assisting clients with complex accounting and financial reporting issues. Prior to joining the firm, Mike was a Senior Project Manager at the Financial Accounting Standards Board (FASB). At the FASB, he served as the Private Company Council (PCC) coordinator, where he was responsible for all PCC related matters. In addition, Mike led projects to simplify the accounting for non-employee share-based payments, help shape the future of the FASB technical agenda and improve consolidations guidance (VIE guidance). Most recently, he worked on the FASB’s implementation team on revenue recognition (ASC Topic 606) and lease accounting (ASC Topic 842). Prior to joining the FASB, Mike held various management positions with PricewaterhouseCoopers. He was an Audit Senior Manager, Private Company Services, in the firm’s Stamford, CT office. From 2003-2011, he also held roles of increasing responsibility in PwC’s Core Assurance divisions in Buffalo and Rochester, NY.
Toni Lee-Andrews
CPA, PFS, CGMA
Toni Lee-Andrews, CPA, PFS, CGMA, is a Director with the AICPA Ethics team. Prior to joining the AICPA she was in public practice for 25 years. Toni was President and managing director of a local CPA firm in Colonial Heights, Virginia where she was responsible for maintaining and monitoring the firm’s system of quality control and was the firm’s audit partner. She is a former peer reviewer, former AICPA Peer Review Board member where she served as Chair of the Education and Communications Task Force, a past Chair of the Virginia Society of CPAs Peer Review Committee, and former AICPA Joint Trial Board member. Toni is a Summa Cum Laude graduate of Mount Olive College in North Carolina where she received the Martin Award for the highest academic average in her graduating class. She recently ended a two-year term serving as the first woman President of the Country Club of Petersburg, VA since the Club’s formation in 1921. In her spare time, Toni enjoys the beach and spoiling her grandsons and twin granddaughters.
Carl R. Mayes Jr.
CPA
Carl Mayes is the Associate Director of CPA Quality and Evolution. He is the project lead for the AICPA’s Enhancing Audit Quality (EAQ) initiative and manages the CPA Evolution effort. Before working on the EAQ initiative, Carl served on the AICPA Peer Review team and helped develop the AICPA Not-for-Profit Section. Carl is a licensed CPA in North Carolina and worked as an auditor for regional and local public accounting firms before joining the AICPA.
Accessibility

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services.The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

ASC 606: What Auditors Need to Know
Jan 19, 2021
Select from the following options:
Jan 19, 2021
6pm8pm GMT
Nonmember Price
$119.00
Price excluding sales tax
$119.00
Do you have an AICPA membership? 
Log in to apply your member discount.
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