ICAI Advisory on Finalisation and audit of Accounts

P.R. Sethuraman | Last updated: 04 May 2020

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This article discusses the ICAI's advisory concerning the impact of COVID-19 on the finalisation and audit of financial statements for the year ending March 31, 2020. It highlights how the pandemic has affected global economies, local industries, and employment, necessitating careful consideration of accounting standards like Ind AS 2 for inventory valuation and AS 13 for investments. The advisory also provides guidance on audit procedures, particularly regarding physical inventory counting and valuation, and the use of fair value measurements under Ind AS 113.

By this time, when the Accounting and auditing community are busy with the finalisation of Financial statements for the year ended 2020, they might have gone through The ICAI ACCOUNTING AUDITING ADVISORY Impact of Coronavirus on Financial Reporting and the Auditors Consideration. It runs through 49 passages on: 1. Impact of Coronavirus on Financial Reporting 2. Impact of Coronavirus on Audit of Financial Statement Part I deals with 13 items on specific Accounting both under Indian GAP

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

P.R. Sethuraman

Chartered Accountantant

The author is a Chartered Accountant with nearly 50 years post qualification experience in industry serving both in Public and private sector as well in audit. He served in various capacities both in Finance and in Internal Audit Division. His experience in industry covers entire spectrum of finance, accounts and manag ... Read more

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