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PCAOB Issues New Alert on Revenue Recognition

Tammy Whitehouse | September 10, 2014

Auditors are under fresh orders from their regulator to pay closer attention to the audit of revenue recognition.

After auditors have already gotten an earful from the Public Company Accounting Oversight Board over the audit of internal control over financial reporting, now a new PCAOB practice alert tells auditors where the board’s inspectors most frequently find deficiencies in the audit of revenue recognition. In addition to internal control, revenue recognition is another common trouble spot in PCAOB inspection reports, which consistently identify audit deficiencies across all major firms.

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