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Revenue recognition has long been considered a high-risk area for auditors – for good reason – it’s among the leading causes of financial misstatement.
As companies adopt and implement the new standards under ASC 606, outside auditors are laser-focused on methodology, implementation and compliance. It’s essential to ensure your company’s plan for operationalizing the standards complies with the requirements as well as your auditor’s expectations.
Having a process for revenue recognition companies is not enough. Companies must be able to communicate, document and support their methodology and implementation to outside auditors.
Major Topics:
- Revenue recognition and expense recognition elements of ASC 606.
- Audit risks surrounding ASC 606 standards.
- Mitigating real and perceived risks as viewed by your outside auditors.
Learning Objectives:
- Identify challenges surrounding implementing processes to comply with ASC 606.
- Improve the efficiency and accuracy of your revenue recognition process.
- Recognize documentation support and reporting requirements necessary for a smooth year-end audit.
Anthony Ricciardella
RevLock
Co-Founder
[email protected]
(703) 015-0165
Tony is a CPA with over 25 years of public accounting experience dealing with companies ranging from start-up to large publicly traded companies. Through this experience Tony brings the view of the outside auditors to life for companies of all sizes.
As a recognized expert in revenue recognition providing consulting and compliance advisory services to his clients, Tony saw first-hand the challenges that companies face not only adopting ASC606 but also complying with the standards on an on-going basis. Tony founded RevLock to address these needs through automated compliance software. RevLock is helping companies of all sizes to efficiently and accurately comply with ASC606.
Craig Kirsch
RevLock
Co-Founder
[email protected]
(724) 312-9417
Craig is an entrepreneur and joined Tony to launch RevLock. Craig is a CPA with Big Four experience in capital markets and high technology companies. Craig has started and owned several companies during his career and brings an accounting and operational view of Revenue Recognition Automation. Leveraging the operational and board room views that he provides, RevLock is designed to deliver far more than just compliance. RevLock’s robust reporting capabilities allows customers to generate customized reports to support outside auditors and for meaningful management insights.
About Our Presenter
- Automates data collection
- Catalogs stand-alone selling price (SSP) by product
- Assesses and allocates revenue for each transaction based on SSP
- Maintains accounting controls and audit trails
- Generates a number of easy-to-access, valuable business reports
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