The Center for Audit Quality of the American Institute of CPA’s recently released an alert that contained seven key areas for audit consideration. These are important topics that are being focused on by various regulatory agencies such as Public Company Accounting Oversight Board (PCAOB).
The seven areas are:
- Revenue recognition
- Going concern
- Internal control over financial reporting
- Accounting estimates
- Engagement quality review
- Professional skepticism
- Related parties and unusual transactions.
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