In the series of Auditing Guidance on COVID-19 issued by ICAI, latest is Auditing Guidance on “Subsequent Events– Key Audit Considerations amid COVID 19” issued by ICAI on 13th May 2020 for the benefits of its members.
Considering the uncertainties and challenges caused by COVID 19 pandemic and likelihood of unplanned events occurring at any time, entities are required to carefully evaluate the information that becomes available after the date of the financial statements but before the issuance of the financial statements. Auditors are also required to have greater focus on events occurring between the date of the financial statements and the date of the auditor’s report (i.e., subsequent events) and the effect, if any, of such on the entity’s financial statements.
For details, please refer the attached document; ICAI Guidance on Subsequent events amid Covid 19
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