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PCAOB alerts auditors to scrutinize revenue recognition

Tammy Whitehouse | October 6, 2017

Audit regulators are putting auditors on notice to take a careful look at the work companies have done to implement the new revenue recognition standard, including what they've done to guard against fraud risk.

The Public Company Accounting Oversight Board issued a staff audit practice alert to assure auditors know how to apply PCAOB standards, both in interim periods and year-end audits, to the new revenue recognition guidance. The standard takes effect in 2018, directing companies to follow a new, five-step method for determining when and in what amounts to recognize revenue in financial statements.

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