STAFF AUDIT PRACTICE ALERT NO 8

1666 K Street, NW Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202)862-8430 STAFF AUDIT PRACTICE ALERT NO. 12 MATTERS RELATED TO AUDITING REVENUE IN AN AUDIT OF FINANCIAL STATEMENTS September 9, 2014 STAFF AUDIT PRACTICE Alerts highlight new, emerging, or otherwise noteworthy circumstances that may affect how auditors conduct audits under the existing requirements of the standards and rules of the PCAOB and relevant laws. Auditors should determine whether and how to respond to these circumstances based on the specific facts presented. The statements contained in STAFF AUDIT PRACTICE Alerts do not establish rules of the Board and do not reflect any Board determination or judgment about the conduct of any particular firm, auditor, or any other person. Summary For many companies, revenue is one of the largest accounts in the financial statements and is an important driver of a company's operating results.

Staff Audit Practice Alert No. 12 September 9, 2014 Page 3 standard for public companies reporting under U.S. generally accepted accounting principles ("U.S. GAAP") is annual reporting periods beginning after December 15,

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