This guide for directors, preparers and auditors explains how COVID-19 challenges, uncertainties and impacts need to be addressed in the annual report. It was jointly published by CPA Australia, the Australian Institute of Company Directors (AICD) and Chartered Accountants Australia and New Zealand (CA ANZ),
IFAC: The financial reporting implications of COVID-19
A summary of key guidance and areas to consider are provided as well as links to key references on the IFAC website.
ASIC: Implications for financial reporting and audit – COVID-19
ASIC addresses the impact of COVID-19 on financial report preparation, including going concern assessments, asset values, disclosures and director liability and Director's solvency statements. Guidance is also provided on reporting and AGM deadlines and how auditor's reports can address the increased uncertainty.
Modern Slavery Act – coronavirus information sheet
The Department of Home Affairs provides guidance for entities about how to reduce the risk of vulnerable workers in their operations and supply chains becoming exposed to modern slavery as a result of the COVID-19 pandemic. This information sheet also explains how reporting entities under the Modern Slavery Act 2018 can address the impact of COVID-19 in their modern slavery statements.
- COVID 19
Going concern: business as unusual
The business sector’s “going concern” assessment is generally a rather routine practice, but in extraordinary times no process is as simple as it once was.PublishedVisit INTHEBLACK
- COVID 19
Auditors turn to new tech amid COVID-19 crisis
COVID-19 forced many businesses to dramatically change the way they operate , such as adopting remote working. This article discusses technology solutions that can help auditors stay on top of their game.PublishedVisit INTHEBLACK