On 12 July 2021, and for the rest of that week, KwaZulu-Natal and parts of Gauteng were rocked by extensive civil unrest. The impact of this unrest was significant loss of business, damage to property and loss in investor confidence. The damage and destruction that occurred impacted not only the businesses that were directly looted and vandalised but other businesses as well in terms of supply chain and logistics.
How will these events impact on financial reporting in the financial statements? What is the impact on auditors and reviewers, and what are the considerations for the way forward? This session is aimed at answering all these questions as we reflect on what happened and unpack the fallout and consequences for our clients and potentially our own businesses.
By the end of this webinar the attendee should:
Be aware of financial reporting implications for companies whose financial years end before and after July 2021;
Be aware of challenges faced by auditing entities impacted directly and indirectly by the unrest;
Understand SARS' viewpoint on the matter; and
Be aware of the overall impact of the unrest on the country.
The webinar will cover the following topics:
Assessing risk and impact.
Challenges of incomplete documentation.
SARS’s view on estimates and relief.
Impact on business and the way forward.