AJAG™ Professional Development

COVID 19 Accounting and Assurance Considerations

Course Price: $75.00

Number of PD hours: 1.0

Online - Recorded - Available

The COVID-19 pandemic has caused significant financial market and social dislocation which has had a major impact on businesses and the economy.    For virtually all types of businesses have been impacted as the economic downturn affected the demand for their products and services.

For the December 2019 year-ends, COVID-19 impacted the assessment of going-concern and your subsequent events review.    Most accountants and auditors were able to continue to assume the entity for the 12 months after the reporting date was still a going-concern and mitigated their risk by including a COVID-19 subsequent event note saying the outcome was uncertain.

For later 2020 year-ends, this will no longer suffice and the auditors will have to deal with the impact of COVID-19 directly.   This 1-hour webinar will briefly discuss the key issues that will face auditors, such as:

  • Impact of lower revenue and net income on the assessment of materiality;
  • Identifying new business and fraud risks;
  • Assessing factors affecting the entity’s ability to continue as a going concern;
  • Non-compliance with covenants and agreements;
  • Valuation of overdue accounts receivable, loans receivable in default, etc.
  • Assessing net realizable value for idle assets.

The course objective is to raise issues accountants and auditors will face due to COVID-19 early during the planning stage.  There won’t be enough to explore all the issues in detail.

Instructor

Marcus Guenther MBA, CPA, CA

Marcus Guenther works with corporations and accounting firms to improve their workflow, internal control and risk management practices, as well as assisting with technical accounting and auditing issues. He is the co-author of the CICA Professional Engagement Manual (CPEM) as well as other technical publications and articles and teaches accounting, IFRS, and auditing and assurance courses for numerous professional organizations.

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