COVID 19 - Accounting and Auditing Issues

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The last year has seen significant issues for all businesses as they adapt to life during the pandemic and make plans for the future. There are numerous considerations affecting the preparation of accounts and the audit thereof

Accounting issues

  • Going concern treatment and disclosure.
  • Valuation and impairment of fixed assets.
  • Stock and debtors provisions.
  • Leases and onerous contracts.
  • Restructuring provisions.
  • Loan covenants.
  • Grants, loans and other financial support.
  • Revenue recognition.
  • Insurance recoveries.
  • Corporate Insolvency and Governance Act 2020

Audit issues

  • Ethical considerations
  • Planning – the entity, the environment, the risks
  • Materiality
  • Communication issues
  • Gathering evidence
  • Group considerations
  • Going concern and other reporting issues
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