Revenues are the lifeblood of any organization and as such an important section of the audit. A presumed fraud risk, revenue requires more focus from the auditor than other sections, but how do you know if you have enough audit evidence? The expense line item provides its own issues. Being one financial statement line item that includes multiple accounts, it commonly leads to doubt over whether or not enough work was performed. In this session we will discuss these line items and how to identify if you have sufficient appropriate evidence.

• Revenue as a presumed fraud risk o Examples of fraud schemes in revenue o Risk rebuttal • Risk assessment for expenses • Significant risk response – revenue • Sampling and selecting items • Procedures to perform for each assertion

Auditors, First year SAICA Trainees, Second year SAICA trainees, Third year SAICA trainees, Fourth year SAICA trainees, Fifth year SAICA trainees, Audit managers, and Audit partners