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PCAOB Publishes Staff Audit Practice Alert on Auditing the New Accounting Standard for Revenue

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

Oct 05, 2017

On October 5, 2017, the Public Company Accounting Oversight Board (PCAOB) published a staff audit practice alert to assist auditors in applying PCAOB standards when auditing companies' implementation of the new revenue accounting standard from the Financial Accounting Standards Board.

The Staff Audit Practice Alert No. 15: Matters Related to Auditing Revenue from Contracts with Customers, highlights PCAOB requirements and other considerations for audits of a company's implementation of the new revenue accounting standard, including:

  • Transition disclosures and transition adjustments
  • Internal control over financial reporting
  • Fraud risks
  • Revenue recognition
  • Disclosures

Review the practice alert on the PCAOB's website.

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