Implementation of the new FASB accounting standards is a challenge. What’s more auditing these changes can be complex as well. In the following short article, we learn that the Center for Audit Quality, which is affiliated with the AICPA, has created a tool that can help audit committees exercise their oversight responsibilities as companies implement the new lease accounting standard. The tool focuses on four key areas: Understanding the new standard, evaluating the company’s impact assessment, valuating the implementation plan, and other implementation considerations. The following article highlights the tool and the tool itself can be accessed from a click through in the article.
Read the Article Here: How audit committees can evaluate lease accounting implementation