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Finding answers to the difficulties of auditing revenue
Overcome some of the challenges around auditing revenue with expert insights and tips from Peter Herbert.
Poor auditing of revenue has, for some time, been a focal point for those responsible for inspecting and monitoring audit quality across firms of all shapes and sizes. It is often mentioned in reports by the audit quality review teams at ICAEW (see QAD insights on page 8) and the Financial Reporting Council (FRC).
So when I recently delivered a webinar for the faculty on auditing revenue (see Resources for auditors, page 7), there was plenty to talk and think about, even without the additional complications of COVID-19 lockdowns to consider. My webinar on auditing revenue concluded with an interesting question and answer session.