Profession in Focus: Going Concern and COVID-19
Thursday, July 16, 2020
On this edition of Profession in Focus, the CAQ’s Yuri Zwick, Professional Practice Fellow, sits down with Jackie Daylor, National Managing Partner of Audit Quality and Professional Practice at KPMG and Rich Davisson Assurance Partner and Director at RSM, to discuss going concern considerations in the COVID-19 environment and share related insights from the calendar Q1 2020 reporting cycle.
Handbook: Going Concern (KPMG)
Jump to a topic:
[0:53] The concept of going concern: How do our clients think about it? Why may it be in the news more in the era of COVID-19?
[2:34] Requirements for assessing going concern for public companies and auditors.
[5:20] Key observations, challenges and learnings from the Q1 calendar reporting cycle.
[10:03] Q1 observations and potential impact on Q2 going concern assessments.
[11:03] Review of the challenges experienced by auditors to-date.
[14:38] On June 23, The Office of the Chief Accountant (OCA) released a statement that reminded registrants of their requirements related to going concern disclosures.
[15:00] Recommendations for auditors in the Q2 reporting season.