Tag Archives: COVID-19

Going Concern Changes for Auditors for 2020 Year Ends

Following our blog last week about the three new audit standards effective for 31 December 2020 audits, this week we look at the new going concern standard which triggers a new style audit report. Since this standard was revised in October 2019, there is a new added layer of complexity i.e. the uncertainty surrounding the… Read More


Three Changes to audit

Three Changes for Auditors Coming Real Soon

There are important changes to three audit standards affecting 31 December 2020 audits. One of the changes will result in a new template for company reports (more on this in coming weeks) and all three standards will trigger the need to change audit programmes in line with the new requirements. This week we will deal… Read More


Inventory Audit Testing in Covid Times

In recent weeks we have written about the issue of carrying out remote stocktakes as well as remote audits.  Last week we covered five key matters to consider when carrying out a remote stocktake. A quite common occurrence will arise where staff don’t feel comfortable attending an inventory audit, given the risk to their health.… Read More


Covid-19 and Remote Stocktakes – Five Things to Consider

When the Coronavirus (COVID-19) first broke in Ireland we wrote about the issue of carrying out remote stocktakes as part of remote audits. While it’s a possibility that the lockdown restrictions may be lifted in early December, there may still be some reluctance among audit personnel and among staff in client entities, meeting in person,… Read More


Planning for Remote Audits in Covid-19 Times

Come 31 December 2020, many external auditors will be planning for the audit busy season and the issue of remote stocktakes (more on this in a future blog) and carrying out remote audits. 31 December is the most common company year end in Ireland. Because the pandemic struck after 31 December 2019, the Coronavirus (Covid-19)… Read More


Engagement Letter Checklist

Our blog two weeks ago highlighted the main pieces of legislation that go into an audit letter of engagement, while last week we looked at the fundamentals of tax engagement letters. This week we show you a checklist that covers worthwhile clauses for all types of letters of engagement: Exclusion clause. Because tax services can… Read More


Tax Engagement Letter Fundamentals

Tax engagement letter fundamentals Here we outline the fundamentals of good tax engagement letter content and suggest provisions that will help minimize legal liability faced by accountants in practice. The advice here will work for most other types of engagement letter also. Tightening the language used in letters of engagement will help limit your professional… Read More


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COVID-19 Going Concern, Risk and Viability

‘Going concern’ is not a simple binary or pass/fail concept. A company can be a going concern even when one or more material uncertainties exist. In such circumstances what becomes important is the disclosure about the uncertainties and management’s consideration of these.’ Quote from the recent Financial Reporting Lab’s guidance on ‘Going concern, risk and… Read More


Financial Reporting Council COVID - Resources

COVID-19 Disclosure Resources

In May 2020, the EU Commission predicted that Irish GDP will contract by 7.9% in 2020, as a result of the Coronavirus (COVID-19). The good news is that it has predicted a bounce back of 6.1% in 2021. In this climate, the provision of accurate financial information will be critical in getting Ireland back to… Read More


COVID19 Symptoms vs Protection

Are your COVID-19 financial statement disclosures appropriate?

The Financial Conduct Authority in the UK said in March 2020 that all London listed companies are permitted two extra months to publish their audited financial results, giving them six months in total. Meanwhile the Irish Companies Registration Office has further extended the filing deadline for all annual returns that are normally due for filing… Read More