Date posted: 15/06/2020

ASIC’s response to COVID-19

Main messages from ASIC for financial statement preparers, directors and auditors as we head into the upcoming reporting season.

In Brief

  • ASIC’s focus areas for companies, directors and auditors for financial reporting given the impact of the COVID-19 pandemic
  • Transparency is important to market and investor confidence in financial reports, so it is vital that entities tell their story
  • Whilst there are practical challenges, this needs to be balanced with timeliness of reporting

Recently I caught up with Doug Niven, Senior Executive Leader, Financial Reporting and Audit at AISC to talk about how COVID-19 is impacting the upcoming reporting season, and as well as some of the relief and guidance that ASIC has provided and is continuing to provide.

Financial reporting and audit are incredibly important for market confidence. We are in a different environment now to what we have experienced before, and there is no doubt that there will be additional challenges this reporting season because of the degree of uncertainty. ASIC gives a run-down of what it sees as some of the trickier issues, although these will vary with the individual circumstances of each entity.

ASIC has been very proactive in light of the pandemic with a set of frequently asked questions that cover a broad range of issues.

ASIC FAQs

COVID-19 implications for financial reporting and audit.

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COVID-19 Resources hub

This dedicated hub is regularly updated to ensure members are equipped to navigate the serious long-term economic and business impacts from this pandemic.

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