Coronavirus (COVID-19) Guidance

AASB-AUASB Joint FAQ Publications

The AASB-AUASB has jointly published the following COVID-19 related publications on:

1) The Impact of Coronavirus on Financial Reporting and the Auditor’s Considerations; and
2) The Impact of COVID-19 on Going Concern and Related Assessments

To view more guidance for those involved in the preparation of the financial report please click here for AASB website.

Users of the financial report please click here for an explanation as to what users can expect to see in the COVID-19 environment.

Additional COVID-19 FAQs for Auditors

Click here to access additional COVID-19 FAQ's for Auditors.

The following topics are covered in the additional COVID-19 FAQs for Auditors:

A: Audit Planning and Risk Assessment
B: Audit Evidence
C: Auditing Accounting Estimates and Related Disclosures
D: Going Concern Considerations
E: Group Audit Considerations
F: Subsequent Events (Updated to include June Year Ends)
G: Audit Conclusion and Reporting
H: Director Solvency Statements
I: Professional Scepticism
J: Interim Financial Report

Please scroll down to view other useful guidance published by:

IAASB
Other Australian Regulators
Professional Bodies
Other Countries (International)

Links to relevant third-party publications have been provided as an additional service. Please note that these publications have not been prepared by the AUASB, do not represent the AUASB’s views on the matters addressed nor are they endorsed by the AUASB

IAASB Guidance:

Title	Issued By
Review Engagements on Interim Financial Information in the Current Evolving Environment Due to COVID-19	IAASB
SUBSEQUENT EVENTS IN THE CURRENT EVOLVING ENVIRONMENT¯AUDIT CONSIDERATIONS FOR THE IMPACT OF COVID-19	IAASB
IAASB Releases COVID-19 Related Guidance for Auditor Reporting	IAASB
Going Concern in the Current Evolving Environment¯Audit Considerations for the Impact of COVID-19	IAASB
Guidance for Auditors During the Coronavirus Pandemic	IAASB

Other Australian regulator guidance:

Title	Issued By
ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs	ASIC
COVID-19 Support Resources	ATO
ASIC letters to general and life insurers in the current COVID-19 environment	ASIC
COVID-19 Information	ASIC
COVID-19 implications for financial reporting and audit: Frequently asked questions (FAQs)	ASIC
Charity operations and COVID-19	ACNC
ACNC to conduct eligibility reviews	ACNC
Listed @ ASX Compliance Update – including Continuous Disclosure Obligations	ASX
Temporary relief for financially distressed businesses	Australian Government – The Treasury
APRA adapts 2020 agenda to prioritise COVID-19 response	APRA

Professional Bodies:

Title	Issued By
Navigating auditors' reports in a COVID-19 world	CA ANZ
Financial Reporting and Audit Guide: Financial reporting and audit issues stemming from COVID-19	CA ANZ
Impacts of COVID-19 on Annual Report Disclosures	AICD, CA ANZ and CPA Australia
Auditors may face difficult conversations regarding going concern	CPA Australia
The Challenges of Trust Account Audits During Lockdown	CPA Australia
Reporting and audit implications of COVID-19	CA ANZ
Auditing in a crisis – some issues to consider	CA ANZ
Q&A: Responding to COVID-19 reporting and audit challenges	CA ANZ
Responding to the challenges of COVID-19	CA ANZ
Impacts of COVID-19 on reporting entities and auditors	CPA Australia
Coronavirus (COVID-19) Business advice	CPA Australia

Other International Guidance:

Title	Issued By
COVID-19: Ethics and Independence Considerations	IESBA
COVID-19 Bulletin March 2020	Financial Reporting Council (UK)
Implications of the COVID-19 Outbreak on Audits and Auditors	Independent Regulatory Board for Auditors (South Africa)
Impact of Coronavirus Outbreak on Audits and Auditors (February 2020)	Hong Kong Institute of Certified Public Accountants
COVID-19 Resources from IFAC's Network	IFAC

Disclaimer

Information to be found in external publications provided by third parties , has been produced without editorial control or contributions by the AUASB. Any opinions, advice, statements, services, offers or other information or content made available within these publications remain those of the respective author(s) and the AASB is not responsible for any material posted by third parties. If viewing any of these publications as a source of advice, the AUASB strongly recommends that you seek professional advice prior to taking any action.