Today the IAASB released COVID-19 pandemic-related guidance on Review Engagements on Interim Financial Information. This guidance may help auditors in the current uncertain and evolving environment.
Before an organization can measure, track, and communicate on its value, it is important to understand value creation and enable a value creating business model.
This can be achieved through a management process of defining, creating, delivering, and sustaining value. This report examines the process of creating and maintaining value in great depth. It also serves to supplement the report The CFO and Finance Function Role in Value Creation.
This report sets out current thinking on how CFOs and their finance teams can account for and communicate value creation for internal and external stakeholders.
This thinking enables CFOs and their teams to focus on:
Today the IAASB released COVID-19 Pandemic-related guidance for auditors to consider when issuing an auditor's report on the completion of the audit of financial statements.
The guidance document can be found HERE.
In the IAASB’s ongoing response to COVID-19, guidance related to Going Concern and Subsequent Events have also been issued, and more information and helpful links can be found on the IAASB’s COVID-19 Webpage.
To account for COVID-19’s impact on the International Auditing and Assurance Standards Board’s (IAASB) work, its staff capacity to deliver, and the capacity of the IAASB’s stakeholders to participate in consultations and to implement new standards, the IAASB has reconsidered the timelines for its projects in 2020. The Revised Detailed Work Plan Table for 2020-2021 sets out a description of the changes that have been made and the revised timelines for 2020 and 2021 (as applicable).
“Like many others, we revised our Work Plan to respond to realities imposed by the COVID-19 pandemic,” noted Tom Seidenstein, Chair of the IAASB. “Our approach directs capacity to emerging public interest needs and accounts for the capacity of our stakeholders, volunteer Board Members, and staff. We will also continue to monitor whether further changes are needed."
