Coronavirus (COVID-19) disclosures in published financial statements May 2020

Coronavirus (COVID-19) disclosures in published financial statements May 2020

Coronavirus (COVID-19) disclosures in published financial statements

In our published survey of 22 public company financial statements we highlight several useful examples of disclosure that company directors, auditors, accountants and financial controllers will find of relevance, in the midst of the Coronavirus (COVID-19) pandemic.
This thirty-page report, just published on our website, is available to purchase for €125+VAT, for immediate download.

The various disclosures in the report cover topics such as:

• Emphasis of Matter
• Key Audit Matters in Audit Reports
• Going Concern/Viability
• Post Balance Sheet Events/Subsequent Events

The company with the Emphasis of Matter audit report was Martin Currie Global Portfolio Trust plc (a company that invests in alternative investment instruments) with a 31 January 2020 year end. Its financial statements were signed off by the auditors on 9 April 2020. Note 18 to the accounts states that since the period end up to 7 April 2020, the company’s net assets fell by 6.8%.

For more on this topic please see our published report on our website here.here.

Audit Update

Audit Update

Tax advocacy is now banned for all audit clients. True or False? 

The answer is ‘False’.

To hear why this is false and find out what exactly are the rules surrounding an auditor helping an audit client argue a case with the Revenue Commissioners, go see our online webinar entitled Audit Update where you may download the slides and support materials, all for just €45. On successful completion, receive a CPD certificate for your newly acquired knowledge. Well done!

The webinar, which may be viewed anytime for up to a year from date of purchase, covers the following areas:

  • IAASA Audit and Ethical Standards April 2017;
  • Planning and independence;
  • Fraud;
  • Materiality;
  • Analytical review and sampling;
  • Fixed assets, Debtors, Stock, Bank and Creditors;
  • Financial statements review;
  • Law and regulations;
  • PBSE, Going Concern;
  • Audit report;
  • The ‘Bannerman’ paragraph;
  • Issues on PSD visits; and
  • International Education Standard 8 (IES 8).

There are 18 other webinars on various topics – also for €45 each, or you may purchase two at the same time for €80 or five for €190.

All our webinars are accessible at any time (for 12 months from date of purchase) here.

We have also prepared, ready to use, audit engagement and representation letter templates (in Word format) for a company audit assignments, available to purchase online (bulk purchases of 5 or more templates attract a 20% discount), please click on the relevant links.