In the scenario of COVID-19 there are significant uncertainties about the future economic scenario. How does an entity determine whether it is still a going concern? What disclosures are required to be made in the financial statements in this regard?
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COVID 19 IMPACT ON GOING CONCERN
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Quick Summary
Mainly related issues would be
obsolete inventory- check disclosure
PPE impairments- check disclosure requirements
Financial instruments trading losses- check disclosure requirements
impairment of receivables- check disclosures
all the disclosures are available online or icia website.
Auditor should hold discussion with top level management and should evaluate all the financial statements of previous years to check whether all the operations of the management are going or not whether it casts any significant doubt on the going concern concept of the company as per SA 570. Auditor should evaluate the debtors and creditors statements including stock receiving and issuing register also if manufacturing areas are properly operating or not
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