Question

what are the steps to verify deferred revenue by an auditor?​

Answer 1

Answer:

The two main stages of a revenue audit include testing the revenue accounts on your income statements followed by an examination of your accounts receivable on the balance sheet. The auditors may also check for revenue recognition issues, such as side agreements and channel stuffing.

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Answer 2

Answer:

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Revenue recognition is an accounting concept that dictates how a company records sales transactions. Companies cannot recognize revenue until it is earned and realizable. Revenue is earned when making sales of goods or services. Realizable indicates the company expects to receive cash relating to previous sales. External audits review a company’s accounting procedures relating to revenue recognition. Audits ensure a company is properly recording information according to national accounting standards.

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