Deana Thorps

Deana N. Thorps is the AICPA’s Manager of Audit Quality Initiatives. She manages the Enhancing Audit Quality Initiative, an effort to improve the quality of assurance engagements for the profession. Deana is a licensed CPA in North Carolina and worked as an auditor in public and private sectors before joining the AICPA.

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Auditors need a complete understanding of the standard and how it affects their clients’ financial statements. AICPA’s Deana Thorps suggests four considerations auditors need to keep in mind when performing high-quality audits based on common challenges with accounting estimates. One of the most significant changes to U.S. GAAP is FASB’s revenue recognition standard, FASB ASC Topic 606, Revenue from Contracts with Customers....

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