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Evaluating going concern during COVID-19
Going concern is the fundamental assumption that an entity will continue to operate in the foreseeable future. In these unprecedented times, understanding whether an entity is a going concern is a key concern for management, investors and auditors. Stakeholders want to understand how viable and resilient an entity is to current and future stresses.
Message from Michael Izza
Audit reports and interim reviews
Managing and forecasting cash
Guidance on managing cash and producing cash flows and forecasting.
Director responsibilities
Guidance on going concern, strategic finance, and resilience planning for directors.
Preparing financial statements
Guidance on the going concern concept for preparers of accounts.
Guidance on testing going concern for auditors.
Understanding going concern
Guidance to help investors and other users of accounts understand going concern.
Resilience and viability in Financial Services
Guidance on the measures banks are subject to in order to ensure they are resilient and viable in the long-term, as well as a going concern.
Free recovery advice for business
ICAEW Chartered Accountants have been at the forefront of helping small businesses through coronavirus and are now at the heart of an initiative supported by the Government's Department for Business, Energy & Industrial Strategy. The Recovery Advice for Business scheme gives small firms access to free, one-to-one advice with an expert adviser to help them through the coronavirus pandemic and to prepare for long-term recovery. Advice offered will include bespoke, specialist assistance from accountancy, legal, and advertising to marketing, recruitment and digital.