The new revenue recognition standard: Auditing the implementation

As a result of the new revenue recognition standard, auditors will face significant challenges, not only in learning about and understanding the standard, but in designing an effective audit plan and procedures to address the various risks. Advance consultation on the approach management may use, for the first year of implementation and beyond, to comply with the new standard is beneficial. These topical discussions between the auditor and the client can be helpful in early identification of complex issues that