Overview     

Many factors impact the ability of an entity to continue as a going concern.  These factors include the industry and geographic area of operations, the financial health of customers and suppliers, and financial liquidity and solvency of the entity.  As a result of the COVID-19 pandemic and the associated deteriorating economic environment, reduced revenues and cash flows could raise questions about the entity’s ability to meet its current or new obligations and comply with debt covenants. 

During this webinar we will highlight key areas of focus in the current environment when undertaking procedures relating to, and concluding on, the appropriateness of management’s use of the going concern basis of accounting in accordance with the International Standards on Auditing.  It is helpful in understanding the responsibilities of the auditor, independent reviewer and compiler in relation to going concern, as well as any modifications made to their respective reports in respect of any uncertainties related to going concern. 

Join our technical expert Lettie Janse van Vuuren CA(SA) on 10 June 2020 from 10:00 a.m. to 12:00 p.m, as she unpacks the going concern considerations of COVID-19 in an understandable format.  She has also sourced some useful reference documents, that will be provided to you – free of charge – when you attend the webinar.  

Learning objectives    

  By the end of this event the participant should:   

• Understand the implications of the COVID-19 to going concern; 

• Be aware of these specific considerations on going concern:  

  • Management and auditor’s/independent reviewer's/compiler's respective responsibilities;  

  • Risk assessment procedures undertaken by the auditor/independent reviewer; 

  • Auditor's/independent reviewer's evaluation of management’s assessment of the entity’s ability to continue as a going concern; 

  • Periods beyond management’s assessment;  

  • Additional procedures required; and 

  • Significant delays in the approval of financial statements. 

• Be aware of the link and need to consider subsequent events. 

• Be aware of the need to reflect COVID-19 information properly in the AFS; and 

• Be aware of the effect on the auditor’s/independent reviewer’s/compiler's report. 

Content   

   The webinar will cover the following topics:   

• Introduction - COVID-19 implications on going concern. 

• Management's responsibilities.  

• Auditor's responsibilities. 

• Independent reviewer's/compiler's responsibilities. 

• Risk assessment procedures undertaken by assurance practitioner. 

• Evaluation of management’s assessment of going concern. 

• Periods beyond management’s assessment. 

• Additional procedures.  

• Consideration of other Information. 

• Significant delays in the approval of financial statements. 

• Specific considerations of subsequent events.  

• Appropriate disclosure of COVID-19 information in AFS.  

• Implications for the auditor’s/independent reviewer's/compiler's reports. 

Obtaining your CPD certificate   

This webinar qualifies for 2 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by all relevant professional bodies.  All attendees are issued with a CPD certificate available in an online profile.   

About the presenter  

Lettie Janse van Vuuren CA(SA), RA  

Lettie is a Chartered Accountant, Registered Auditor, as well as an Assessor and Moderator. She joined SA Accounting Academy in November 2017 as Head of Technical. As a professional trainer and webinar host, she is able to hold the attention of an audience with her relaxed and humorous presentation style.  She has a unique ability to communicate with delegates at their respective levels of knowledge and experience.  Over the last 20 years, she has trained thousands of partners, managers, trainee accountants and other professionals.   

She is responsible for researching, compiling and presenting our MCLU (Monthly Compliance and Legislation Updates).She was the Professional Development Manager at SAICA for 4 years and in charge of accrediting new training offices and monitoring existing ones (including the moderation of training offices and trainee assessments). 

 Who should attend   

   The following persons will benefit from attending this webinar:   

• Professional Accountants including: CA(SA), PA(SA) and BAP(SA).   

• Registered auditors.  

• Independent reviewers.   

• Compilers.   

• Accounting officers. 

Price              

• R 475.00 - Online admission - Individual.  

• R 950.00 - Online admission - Company.   

Steps to register for the event:   

If you already have a profile, login and register for the webinar.  

If you don’t have a profile, create a free profile then login and register for the webinar.  

Click here to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series).  

Click here to find out about the Technical Resource Centre & CPD Subscription options.  

Additional material  

  By attending this webinar you will be provided with:  

• Summarised slide presentation;  

• Reference documents and / or course material where available; and   

• You can ask questions during the webinar and you will also have access to me the presenter after the webinar.