Navigating accounting and auditing implications of COVID-19

The COVID-19 pandemic has disrupted the lives of millions of people and paralyzed the global economy. Explore our resources to stay informed during this challenging time.

COVID-19 will have broad financial statement implications including but not limited to revenue recognition, measurement of assets and liabilities, disclosure, and possibly even questions about an entity’s ability to continue as a going concern.

Auditors will need to reassess key aspects of their audits and interim reviews as a result of the evolving situation. Closure of offices and remote work arrangements may also impact auditors’ access to information.

Chartered Professional Accountants of Canada (CPA Canada) is maintaining an ongoing dialogue with Canadian audit and securities regulators, and practitioners around the financial reporting and auditing impacts of COVID-19.

For more information, listen to a special edition Practitioner's Pulse webinar on April 2, 2020, where we will answer some frequently asked questions around practice management issues and some key financial reporting and auditing implications of COVID-19.

Click here to access CPA Canada’s dedicated COVID-19 reporting and auditing resource hub. The resource page will be updated regularly.

Keep the conversation going

What are the major issues your firm/clients are dealing with in light of COVID-19? What particular guidance would be most helpful during this period? Are there other reporting and audit resources we should know about to add to our CPA Canada resource hub? Post a comment below or email me directly.

Conversations about Audit Quality is designed to create an exchange of ideas on global audit quality developments and issues and their impact in Canada.

Disclaimer

The views and opinions expressed in this article are those of the author and do not necessarily reflect that of CPA Canada.

About the Author

Kaylynn Pippo, CPA, CA

Kaylynn is a principal at CPA Canada within the Research, Guidance and Support group. In this role, she develops guidance and thought leadership for CPAs related to audit and assurance matters.