Whether internal or external, auditors can play key roles during the adoption of ASC 842. Internal audit proficiency can help to set up controls and processes for transitioning to the new standard and post-compliance reporting. Sharing transition plans with your external auditors, on the other hand, will lay the groundwork to avoid surprises during the first audit after the adoption of ASC 842. In other words, it’s time to recognize that lease audit procedures under ASC 842 are changing and we’re here to help you understand what to expect.
The six audit assertions assessed for lease accounting
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