Coronavirus and our audit services

Published by Michael Cook on 18 March 2020

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The government announcement earlier this week has made it clear that the Coronavirus outbreak is creating a fast-moving, uncertain and unprecedented situation, affecting us all both personally and professionally.

We would like to reassure our clients that we are following UK Government recommendations and putting in place measures to help alleviate the risk of increased infections.

For our audit clients this may mean more remote working where this is possible to protect you, your teams and our audit teams from the risk of infection. Should this be appropriate we will contact you to agree how this will work.

From a practical point of view there will be additional requirements placed on management teams to consider the future impact on business of the Coronavirus and to re-work future forecasts based on the ever-changing landscape.

Recent guidance to auditors has been published by the ICAEW and Financial Reporting Council, which sets out the additional audit requirements considered likely which your client team will be happy to discuss with you. Please see below:

www.icaew.com/mar-2020/coronavirus-going-concern-and-the-auditors-report

www.frc.org.uk/march-2020/guidance-on-audit-issues-arising-from-the-covid-19

You may also wish to delay the approval of your financial statements until you have enough certainty of circumstances. Please note that as of 18 March 2020 Companies House have not formally extended filing periods.

www.gov.uk/government/news/coronavirus-if-your-company-cannot-file-accounts-with-companies-house-on-time

There is however an opportunity to apply for an extension in respect of Coronavirus but note that this must be completed before the existing filing deadline for your business.

www.gov.uk/guidance/apply-for-more-time-to-file-your-companys-accounts

Again, please do not hesitate to contact your client team to discuss this and the effect on finalisation timetables.

Rest assured we are here for you at Kreston Reeves so please do not hesitate to contact us.

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