It’s that time of year again: 2019 year-end audits for calendar-year companies are right around the corner. Implementing new accounting standards and related internal controls, including revenue recognition and lease accounting, are top-of-mind for auditors once again this year.
Revenue recognition
Revenue recognition under Accounting Standards Codification Topic 606 continues to be a high priority. “Although most public companies adopted the new revenue standard last year, private companies and emerging growth companies must adopt it this year, and not all clients are fully prepared,” says Sougata Banerjee, partner in charge of assurance services in California for Marcum.
