International Auditing and Assurance Standards Board (IAASB) issued Staff Practice Alert on Audit considerations of subsequent events for the impact of COVID-19

International Auditing and Assurance Standards Board (IAASB) issued Staff Practice Alert on Audit considerations of subsequent events for the impact of COVID-19

• 22 May 2020
• Accounting
• South African Accounting Academy

The uncertainty and challenges caused by the COVID-19 pandemic, including the likelihood of unplanned events occurring at any time, the uncertain duration of this current environment, and potential shifting timelines impact many areas within the audit. At the end of each reporting period, entities will be carefully evaluating information that becomes available after the reporting date but before the issuance of the financial statements. Accordingly, auditors will likely require greater focus on events occurring between the date of the financial statements and the date of the auditor’s report (i.e., subsequent events) and the effect, if any, of such on the entity’s financial statements.

This 7-page Staff Audit Practice Alert contains examples of events or conditions that may be affected by, or exist as a result of, the COVID-19 pandemic, and which may be relevant for the auditor in determining whether subsequent events have occurred and, if applicable, have been appropriately reflected in the financial statements.

Click here to download the alert.

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