Impact of COVID-19 outbreak on the financial statements

19 Mar

Impact of COVID-19 outbreak on the financial statements

(2 votes)

The novel COVID-19 is spreading and evolving rapidly, and accordingly, it has the potential to create significant changes for accountants, who prepare the financial statements and also for auditors as well. Auditors would face difficulties in reaching the supporting documents and evidence to support their opinion. I have attached a summary that highlights the negative impact on the financial statements due to this outbreak. The facts that we are going to discuss in the attached document are by no means exhaustive, and their applicability depends on each entity's facts and circumstances.

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Read 2202 times Last modified on March 31, 2020

Antonio Ghaleb

Antonio Ghaleb is accredited in Qatar and holding the auditor’s registration number 348. Also he is a member of the following institutions: a) American Institution of Certified Public Accountant (AICPA), b) Guam Board of Accountancy, c) Certified in Risk Management Assurance “CRMA”, d) Chartered Global Management Accountant designation “CGMA”, and e) International Financial Reporting Standards (IFRS).

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