When the PCAOB issued guidance in May 2017 to assist auditors of public companies implementing the new revenue recognition standard, the PCAOB did not mention the importance of auditing any transition adjustment recorded by management as part of the implementation of the new standard.

Question

Quizplus · Accepted Answer

The PCAOB did mention the importance of auditing any transition adjustment recorded by management as part of the implementation of the new standard in its May 2017 guidance.

When the PCAOB Issued Guidance in May 2017 to Assist