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CAQ offers tips to audit committees on leasing

Tammy Whitehouse | April 3, 2018

The Center for Audit Quality is offering some tips to audit committees on how to query senior management on corporate readiness for new lease accounting standards.

With the new lease accounting rules taking effect Jan. 1, 2019, for public companies, the CAQ is looking to assure audit committees understand what the new standard requires and what questions audit committees should be asking to stoke implementation efforts. Adopted by the Financial Accounting Standards Board, the new standard requires all public companies to reflect assets and liabilities associated with leases on the face of the corporate balance sheet and in the income statement. 

In the 12-page paper, CAQ warns audit committees about concerns regarding corporate readiness for...

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