GOING CONCERN: Key Considerations for Auditors amid COVID-19

GOING CONCERN: Key Considerations for Auditors amid COVID-19

ICAI has prepared a guidance to discuss key considerations for auditors during COVID-19. This guidance has been prepared to highlight key areas of focus in the current environment in India, when undertaking procedures relating to, and concluding on, the appropriateness of management’s use of the going concern basis of accounting in accordance with the Standards on Auditing (SAs). This guidance does not amend or override the SAs.

Reading this guidance is not a substitute for reading the SAs. This guidance is helpfuful for Preparers, those charged with governance and users of financial statements. Through this they may understand auditor’s responsibilities in relation to going concern. They will also understand any modifications made to the auditor’s report in respect of any uncertainties related to going concern.

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