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CAQ nudges audit committees on revenue recognition oversight

Tammy Whitehouse | December 13, 2016

Citing an “urgent” need for audit committees to get up to speed on how management teams are preparing for major new approaches to revenue recognition, the Center for Audit Quality has issued an eight-page paper to give audit committees some pointers.

The latest poll on the implementation effort around the seismic shift in revenue recognition accounting shows less than one-fifth of public companies have launched adoption activities after making their way through assessments of how they will be affected by the new standard. Three-fourths of companies said they were still assessing, and a handful indicated...

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