The consequences of the coronavirus on financial statement preparation and auditing are complex. Preparers and practitioners have not faced a disruptive event of this magnitude, so questions abound as new obstacles and scenarios present themselves. Danielle Supkis Cheek, CPA, a director at PKF Texas and chair of the AICPA Private Companies Practice Section Technical Issues Committee (TIC), and Kristy Illuzzi, CPA, CGMA, the AICPA’s staff liaison to TIC, share advice on the topics of asset impairment, going concern, remote auditing and inventory observation, and more.
What you’ll learn from this episode:
- How financial statement preparers and practitioners should approach their work amid the extreme disruption of the coronavirus pandemic.
- Discussion on the application of subsequent event guidance.
- Details on asset impairment and going concern considerations.
- Audit advice on emphasis-of-matter statements and scope limitations.
- Ways to conduct remote inventory observation.
Play the episode below: