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Accounting and auditing considerations for the impact of COVID-19 on going concern

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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. 

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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.