Impact Of COVID-19 Outbreak On The Financial Statements
The novel COVID-19 is spreading and evolving rapidly, and accordingly, it has the potential to create significant changes for accountants, who prepare the financial statements and also for auditors as well. Auditors would face difficulties in reaching the supporting documents and evidence to support their opinion. I have attached a summary that highlights the negative impact on the financial statements due to this outbreak. The facts that we are going to discuss in the attached document are by no means exhaustive, and their applicability depends on each entity's facts and circumstances.