28 July: Alison Kitchen, Chairman of KPMG Australia, says that audit teams are managing the challenges of remote audit admirably.
Auditing going concern
Auditors test the appropriateness of the use of the going concern basis for financial statements. Our guidance outlines auditor responsibilities for testing going concern, offers practical advice on testing, and explains the implications for the audit report.
19 July 2020: When it comes to the 2020 accounts, the FRC is recommending companies provide full disclosure.
New guidance from ICAS, ICAEW and PRAG on the implications of COVID-19 on pension scheme financial reports and audit.
How reverse stress testing can help entities enhance their going concern assessments and identify gaps in their risk assessment.
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.
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 shares a recording of its recent webcast which discusses the FRC’s March 2020 COVID-19 Bulletin.
20 March 2020: the Financial Reporting Council has issued updated guidance for auditors following the outbreak of the Covid-19 pandemic, calling for particular attention on areas including going concern and the gathering of audit evidence.
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.