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17 Mar. 2020

AASB−AUASB Joint FAQ March 2020 The Impact of Coronavirus on Financial Reporting and the Auditor’s Considerations

This AASB–AUASB Joint FAQ describes the key financial reporting and auditing considerations and impacts arising from the Coronavirus (COVID-19) pandemic.

All financial report preparers and audit practitioners should consider the impact of COVID-19 on interim and annual financial reports arising from this major global risk.
 
The AASB and AUASB has published an AASB–AUASB Joint FAQ to provide guidance for preparers and auditors on the risks arising as a result of COVID-19.  COVID-19 gives rise to new and rapidly changing conditions that auditors may not have previously encountered. Auditors should be alert and exercise professional scepticism about the potential for these conditions to give rise to possible financial reporting misstatements. 
 
Given restrictions on travel, meetings and access to company sites in many jurisdictions, auditors may need to consider developing alternative audit procedures to gather sufficient, appropriate audit evidence. Key considerations and potential impacts have been highlighted in this FAQ to assist auditors in having ongoing discussions of the impact of COVID-19 with those charged with governance.
 
Feedback and queries on this topic are welcome and should be directed to enquiries@auasb.gov.au or by telephone +61 3 8080 7400.