Soon after this crisis broke out in Canada, there been a lot of talk about the accounting and assurance implications of the COVID-19. These include financial reporting considerations such as subsequent events and going concern notes, disclosure of risks from financial instrument, as well as measurement of financial and non-financial assets. The impact is not limited to financial statements, consideration of when review engagement reports will need to modified from the standard report will also be necessary.
The review engagement standards under CSRE 2400 also require communication with management and those charged with governance (“TCWG”). As such, thought will need to be put in to how we communicate all of the significant matters arising from COVID-19 to our clients.
Over the last few weeks our consulting clients have been contacting us requesting guidance and resources to assist through this very difficult time of navigating the evolving government subsidies and deferrals and advising clients through difficult decisions all while managing remote working conditions and other operational and personal concerns. CPA Canada and each of the provincial CPA organizations have dedicated web pages which collate guidance that is freely available, and we recommend you take the time to review these. However, as specific guidance relevant to smaller entities can be difficult to find, we have made available our own comprehensive guides which are a collation of sample note disclosures and report modifications that we are currently working through with our own clients. If these guides do not address the specific issues you are facing we are available for consultations.
We are now pleased to announce the following products for purchase on our online store:
- COVID-19: Financial Reporting under ASPE and ASNPO
- COVID-19: Review Engagement Reporting Modifications
- COVID-19: Communicating with Management and Governance Boards
If you are interested in all three guides we are offering them in our COVID-19: Accounting and Assurance Bundle Package at a discount to the price of buying them individually.