The COVID-19 pandemic has raised many questions about the viability of existing business models. Boards will in many cases need to revisit risk assessments and going concern assessments developed prior to the pandemic. Reverse stress testing is one technique entities can use to identify gaps in their risk management and vulnerabilities in their business models.

The Audit and Assurance Faculty have produced this two part guide for auditors, covering COVID-19 considerations for auditing going concern, and how to report when a material uncertainty relating to going concern exists.

While COVID-19 will affect businesses in different ways and to different degrees, it is likely to have a significant impact on audit reports on company financial statements for the foreseeable future.

ICAEW’s Audit and Assurance Faculty answers members' common practical questions about how to audit inventory given the mandatory closure of many businesses and restrictions of movement across the world.

30 March 2020: ICAEW offers advice to both pension trustees preparing relevant accounts for section 179 valuations due on 31 March 2020, and also their auditors in light of the COVID-19 pandemic.

27 March 2020: ICAEW's Technical Advisory Service considers the requirements of standards and potential impact of coronavirus on attendance at stocktakes and the auditor's report.

17 March 2020: ICAEW’s Technical Advisory Service considers the requirements of standards and potential impact of coronavirus on going concern and the auditor’s report.

This ICAEW Know-How article was created by the Audit and Assurance Faculty. It offers practical considerations in relation to the work of component auditors in light of coronavirus (COVID-19) to address the requirements in ISAs (UK). It may also be relevant for group auditors in other jurisdictions.

26 May 2020: In light of the continuing economic uncertainty caused by the coronavirus pandemic, ICAEW has published guides on going concern considerations for those preparing accounts and on reverse stress testing.

14 May 2020: The Charity Commission has confirmed that it will be conducting an ongoing review of the reporting of matters of material significance by auditors and independent examiners.

11 May 2020: ICAEW’s Audit and Assurance Faculty has produced a webinar looking at accounting for and auditing revenue during COVID-19

1 May 2020: In these unprecedented times, the audit of going concern assessments and reporting on material uncertainty related to going concerns are key for auditors. The Audit and Assurance Faculty has produced two guides on the topic.

ICAEW’s Audit and Assurance Faculty shares a recording of its recent webcast on the challenges faced when auditing going concern in light of the COVID-19 pandemic.

ICAEW’s Audit and Assurance Faculty shares a recording of its recent webcast looking at the challenges in accounting for and auditing revenue as a result of the COVID-19 pandemic.

ICAEW’s Audit and Assurance Faculty shares a recording of its recent webcast which discusses the FRC’s March 2020 COVID-19 Bulletin.

ICAEW’s Audit and Assurance Faculty shares a recording of its recent webcast looking at the challenges faced by auditors due to the spread of coronavirus: attendance at client sites, stocktakes, valuations, group audits and reporting dates.

Updated guidance published by the FRC providing a list of factors that auditors should be considering when carrying out audit engagements in the current circumstances, along with guidance on how they might be addressed.

The FRC has published further guidance on modified auditors' opinions and reports during the coronavirus crisis. The guidance summarises when audit opinions may be modified as a qualified opinion, adverse opinion or disclaimer of opinion. It also lists additional disclosures in the Independent Auditor;s Report which are not modifications of the opinion.

Collection of all the updates and guidance issued by the UK Financial Reporting Council (FRC) for companies, auditors and preparers of financial statements in response to the coronavirus.

FRC guidance on audit issues arising from the Covid-19 (Coronavirus) pandemic.

Financial Reporting Council (FRC) guidance for companies on disclosure of risks and other reporting consequences arising from the emergence and spread of Coronavirus (COVID-19).

A collection of resources, assembled by the International Auditing and Assurance Standards Board (IAASB), to help the accounting community navigate some of the challenges ahead. The resources include Staff Audit Practice Alerts on auditor reporting, subsequent events and going concern.

The International Forum of Independent Audit Regulators (IFIAR) is compiling and sharing public information relating to the ongoing COVID-19 pandemic on this dedicated page. Information is organised by country in sections covering announcements about regulators' operations, audit, financial reporting and filing deadlines, AGMS, and IFIAR news.

Updates from the US Public Company Accounting Oversight Board (PCAOB), including details of the inspections relief period available for PCAOB-registered audit firms.

To help counteract the negative impact of coronavirus (COVID-19), Accountancy Europe is collecting all resources relevant for European professional accountants and they will keep adding to the list. It includes guidance from member bodies (organised by country), as well as information from public authorities and firms.

Public statement from the European Securities and Markets Authority (ESMA) commenting on the timeliness of fulfilling the external audit requirements for interest rate benchmark administrators and contributors. ESMA expects National Competent Authorities (NCAs) not to prioritise supervisory actions against administrators and supervised contributors relating to the timeliness of fulfilling those audit requirements where the audits are carried out by 30 September 2020.

Statement from the European Securities and Markets Authority (ESMA) announcing financial reporting extensions, with listed companies now given two extra months to publish annual financial statements.

The Committee of European Auditing Oversight Bodies (CEAOB) has issued a statement highlighting important areas for the performance of ongoing audits: obtaining of sufficient appropriate audit evidence, going concern, subsequent events, and reporting and communication.

Publication from Accountancy Europe discussing the effects on accounting and reporting for companies as of 31 December 2019 and for companies with year-ends in 2020, effects on auditing financial statements as of 31 December 2019 and beyond, and practical implications for the audit of financial statements.

Grant Thornton and other leading firms share insights and practical examples of how they perform remote audits via this free webinar. Topics will include client collaboration, project management, access to client system data, audit testing techniques, impactful client reports and winning new fee income.