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PCAOB issues audit practice alert related to new revenue standard

  • PCAOB (US Public Company Accounting Oversight Board) Image

Oct 06, 2017

The PCAOB has issued Staff Audit Practice Alert No. 15, “Matters Related to Auditing Revenue From Contracts With Customers.”

The practice alert discusses PCAOB requirements and other topics “relevant to auditors’ consideration of companies’ implementation of the new revenue standard,” including:

  • Auditing management’s transition disclosures in the notes to the financial statements.
  • Auditing transition adjustments.
  • Internal control over financial reporting.
  • Fraud risks.
  • Evaluating whether revenue is recognized in conformity with the applicable financial reporting framework.
  • Evaluating whether the financial statements include the required disclosures regarding revenue.

For more information, see the press release and practice alert on the PCAOB’s Web site.

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