COVID-19 has created major challenges for the 2020 financial reporting and auditing season, mainly due to physical access constraints and economic uncertainty. Therefore, COVID-19 warrants a coordinated approach by key regulators and standard setters who can respond quickly.
Accordingly, the FRC has established a COVID-19 Working Group comprising senior representatives from FRC, AASB, AUASB, ASIC, APRA, ASX and Treasury. Its purpose is to continuously monitor reporting and auditing issues and consequent regulatory implications of COVID-19.
We were invited to provide input to the working group on issues that would benefit from a timely and coordinated response. So together with CPA Australia and the Institute of Public Accountants (IPA), we jointly wrote to the FRC outlining several matters where we believe the coordination of the FRC, and other members of the Working Group, could substantially aid in tackling these challenges.