ASC 606 Audit Support
VIP SOLUTIONS CASE STUDY
Technology
INDUSTRY
1,600
EMPLOYEES
$260M
ANNUAL REVENUE
BACKGROUND
In connection with its annual external audit, a privately-owned technology company was requested to provide documentation of ASC 606 compliance for a sample of revenue transactions.
OBJECTIVES
Demonstrate compliance with ASC 606 for a sample of revenue transactions
Provide project management and periodic status updates to client sponsors
Resolve questions or other issues in a timely manner
SOLUTIONS
Documented compliance with ASC 606 for a sample of revenue transactions using customized ASC 606 accounting template
Prepared daily and weekly status updates, including estimated time to completion, to management and team members
Held regular status meetings with team members and project management to facilitate the resolution of questions and issues
Successfully delivered the requested ASC 606 support documentation to the company’s external auditors and resolved issues on a timely basis, meeting audit reporting deadlines.
