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ICAEW comment on the FCA's call for firms to delay their preliminary accounts

Commenting on the FCA’s call for firms to delay their preliminary accounts, Michael Izza, ICAEW Chief Executive, said:

“This is a sensible move, which we would like to see extended to interims and annual accounts. Companies and their auditors face severe practical difficulties when assessing key aspects of reporting such as asset valuations and risk under the extraordinary conditions imposed by the Covid-19 epidemic.

“We are involved in urgent discussions with Government, regulators and the profession about further developments in this area, including the need for further guidance on reporting and auditing.”