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

Disclaimer:-

The information contained herein is in summary form of Issued by Auditing and Assurance Standards Board of ICAI and is based on information available in public domain. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.