XRB COVID-19 Alerts


Auditing


XRB Alert 2020-4 Cover

XRB Alert 4

Auditor communication in the COVID-19 environment

 

Here we explain the tools for auditors to use IN the auditor’s report to enhance communication with users—specifically in response to the likely impact of COVID-19 on the Auditor’s report.

In this alert we focus on:

  • Reporting Key Audit Matters
  • Use of Emphasis of matter paragraphs.

 

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Not-for-profit


 Tier 3 FAQs - Ability to keep operating cover

Not-for-profit Tier 3 FAQs

Assessing and reporting on your entity’s ability to continue operating

 

This series of FAQs will help the governing bodies of Tier 3 not-for-profit entities understand their responsibilities to assess and report on their entity’s ability to continue operating. 

 

In periods of increased uncertainty (such as that caused by COVID-19), providing this information is an important part of helping readers to understand your performance report. 

 

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Not-for-profitAuditing


 XRB Alert 2020-3 Cover

XRB Alert 3

What is the impact on going-concern disclosures in response to COVID-19?

 

Going concern uncertainty is a reality for not-for-profits, so good disclosure is an opportunity to communicate that reality in a clear and transparent way.

 

Here we provide an overview of the responsibilities of those charged with governance for the adequacy of going concern related disclosures in an entity’s financial statements.

 

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For-profitAuditing


 XRB Alert 2020-2 Cover

XRB Alert 2

What is the impact on going-concern disclosures in response to COVID-19?

 

Going concern uncertainty is a reality for many companies, so good disclosure is an opportunity to communicate that reality in a clear and transparent way.

 

Here we provide an overview of Directors’ responsibilities for the adequacy of going-concern related disclosures provided in a company’s financial statements. It includes commentary on both the requirements in the accounting standards and auditor expectations.

 

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For-profitAuditing


 XRB Alert 2020-1 Cover

XRB Alert 1

What can you expect from auditor reports in response to COVID-19?

 

Here we explain the communication tools auditors use in auditor reports and the likely impact of COVID-19 on auditor reporting, including

  • More modified auditor opinions;
  • More disclosures in Auditor Reports; And
  • The impact of going concern matters on the auditor’s thought process and auditor’s report

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