Acquisition of Business, Contracting and Revenue Recognition Process Flow

There is pervasive business risk associated when projects are not properly maintained, resulting in revenues that are not accurately presented in the financial statements. This sample process flow focuses on the acquisition of business, contracting, and revenue recognition and provides controls to mitigate associated risks. In this process overview, the contracting revenue and recognition risks processes are outlined, including: Acquisition of Business Processes Proposal and Budget Process Bid and Proposal Process Contract Award and Acceptance Process Revenue Recognition Process This document should be used as a general guide to understand and review this business process. Organizations should customize this tool to ensure that it reflects their business operations and continuously monitor the process to ensure that the steps described are accurate.