Covid-19: how to manage financial year end work

摘要

Following the release of a joint statement from the Financial Reporting Council (FRC), Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) that highlighted key aspects of financial statements and auditing practices in the wake of the covid-19 crisis, accountancy firms and their clients are now getting to grips with the new lockdown working environment. Many companies are still signing off their December year end accounts, while those with a March year-end will now be preparing to run an orderly, albeit radically different, year-end process. Some will be taking advantage of extension granted by the FCA that allows them to publish their financial reports two months later than normally required. Others will be aiming to carry on as normal and get the yearend process out of the way so that they can concentrate on day-to-day operations. Auditors will be finding alternative ways of collating appropriate audit evidence to ensure that they maintain the quality expected of them by the FRC and the investor community.