ACCTING7023 Advanced Financial Accounting:Obtain Information From

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ACCTING7023 Advanced Financial Accounting

Questions:

1. How can an entity assess whether or not subsequent events with regards to COVID-19 are adjusting events?;

2. Explain whether or not an entity needs to make any disclosures if its eporting period has ended and COVID-19 was assessed to be a non-adjusting event.

3. How can entity assess whether or not it is a going-concern with respect to COVID-19.

4. Explain whether or not COVID-19 requires any disclosures outside of the financial statements.

5. What are the implications if an entity cannot obtain information from its subsidiaries, associates or joint ventures with regards to COVID-19?

6. How do I assess whether COVID-19 is material to my entity?

7. How does the COVID-19 impact risk assessment and materiality?

8. How to apply appropriate audit procedures on the disclosures?

COVID 19

The direct financial impacts are likely to involve accounting estimates prepared by management. Significant assumptions including projected cash flows, used in these accounting estimates may be affected by the COVID-19 event. If your audit client has significant amounts of direct financial impacts that contain estimation uncertainty, the risk assessment and audit evidence supporting these accounting estimates and related disclosures may be affected by the COVID-19 event. Refer to ASA 540 Auditing Accounting Estimates and Related Disclosures for requirements.

The auditor should consider if the impact of the COVID-19 event requires adjustment to or disclosure in the financial report based on AASB 110, and whether the event impacts the appropriateness of the going concern basis of accounting. If there is a material financial impact on your audit client’s business post balance date due to the COVID-19 event where the conditions existed before the balance date, then consid-er if appropriate adjustments or disclosures in the financial report have been made and audit these adjustments or disclosures.

ACCTING7023 Advanced Financial Accounting

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