Accountancy Europe has published a paper entitled Coronavirus Crisis: Implications on Reporting and Auditing. Companies need to consider running several possible sensitivity analyses to determine whether there is any material uncertainty on its ability to continue as a going concern.
Compliance with International Auditing Standards should continue in full, even under the pressure of changed timelines. In addition, auditors should step back and consider looking further to respond to the particular auditing challenges that coronavirus causes for companies and their reporting.
Photo credit: CDC/Alissa Eckert, MS; Dan Higgins, MAMS