AASB 15 Revenue from Contracts with Customers has been operative from 1 January for profit-seeking entities and from 1 January next year for NFPs. Auditing standards require auditors to reassess audit risks and the nature, timing and extent of audit procedures, as well as communications with governance that flow from new standards such as AASB 15.
This session will:
- Identify the increased audit risks that flow from the introduction of AASB 15
- Describe what should be in your audit-requirements letter to management
- Describe how audit risks can be addressed by drawing on the requirements of key audit standards
- Identify typical audit procedures that could be applied to critical elements of AASB 15 and the documentation required, and
- Discuss how audit reports may be affected.