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IRBA alerts auditors regarding the possible impact of the COVID-19 pandemic on the reporting of interim financial information
- 03 July 2020
- Accounting
- South African Accounting Academy
The IRBA has issued a communique to emphasise and focus on interim financial information.
For some entities, the 2020 interim reporting period will be the first reporting period in which the impact of COVID-19 is reflected in the financial statements. For preparers, the 2020 interim financial statements are likely to involve more than the ordinary update since the last annual financial statements. All stakeholders will reasonably expect the disclosure of information over and above what is typically disclosed.
Auditors are referred to the IRBA website where a repository of local and international guidance on the implications of the COVID-19 pandemic in relation to audits of financial statements has been created. Auditors are specifically referred to the communique issued on 20 March 2020 that identifies and addresses certain unique risks that the pandemic presents.
Registered auditors and other interested parties are alerted to the numerous publications (and the links to access these) listed in the IRBA Communiqué in relation to interim reporting and related topics.
Click here to download the 3-page document.