Coronavirus (COVID-19) audit and accounting resources
As the novel coronavirus impacts our lives, how we work and the global economy, the A&A community is coming together to support our members and their clients during this time of uncertainty. In order to navigate this challenging environment, we’re providing information on topics such as remote auditing, financial reporting considerations, and other industry-specific guidance.
Use the audit and accounting resources below to meet these new challenges of providing high-quality financial reporting and high-quality audits, whether you are a financial statement preparer or in public practice. For additional free resources, advocacy updates and practical tips, visit the AICPA Coronavirus (COVID-19) Resource Center.
These resources were brought to you by the Enhancing Audit Quality (EAQ) initiative.
Planning a remote audit
Many auditors are auditing clients remotely for the first time. To help members prepare, we’ve developed these resources:
- Journal of Accountancy article: "Remote auditing comes to forefront during pandemic"
- Journal of Accountancy article: “FASB issues Q&As to clarify pandemic lease accounting issues”
- Free, no-CPE webcast: "Remote auditing in uncertain times"
- Journal of Accountancy article: "How auditors can test inventory without a site visit"
- Video: "Remote auditing during COVID-19"
- FAQs: "Audit Matters and Auditor Reporting Issues Related to COVID-19"
Risk assessment and response
COVID-19 will create unique challenges for audit clients that may impact an auditor’s risk assessment and response.
- Journal of Accountancy article: “FASB issues Q&As to clarify pandemic lease accounting issues”
- Journal of Accountancy article: “Tips for auditing with changed controls during coronavirus pandemic”
- FAQs: "Audit Matters and Auditor Reporting Issues Related to COVID-19" (covers potential for heightened fraud risk, possible impacts on a client’s internal controls and financial reporting implications)
- Free toolkit: AICPA Risk Assessment Resources
- Free toolkit: AICPA Internal Control Resources
Communications and reporting
Access resources to help you assess going concern, appropriately report on scope limitations and address other risks and uncertainties.
- Journal of Accountancy article: "Going concern tips for auditors during the pandemic"
- Center for Plain English Accounting report (open to non-members): "Consequences of COVID-19: Illustrative Public Company Disclosures"
- FAQs: "Audit Matters and Auditor Reporting Issues Related to COVID-19" (covers the effect of scope limitations and more)
Professional ethics
Maintain your compliance with the Code of Professional Conduct while supporting your clients.
- Lenders and PPP loans: How can CPAs help?
- Center for Plain English Accounting report (open to non-members): “Small Business Loans Under the Paycheck Protection Program: Issues Related to CPA Involvement”
- Ethically Speaking podcast: “Ep. 13: PPP. Ethics. Agent. — How to untangle it all”
- Ethical implications to consider for COVID-19 PPP loan applications
AICPA Benevolent Fund
If you find that you are impacted by COVID-19, whether medically or by direct loss of income, there are AICPA member benefits available to you through the AICPA Benevolent Fund.
Other resources
- “6-month delay granted for peer reviews” (Journal of Accountancy article)
- “ASB delays effective dates of SASs No. 134–140” (Journal of Accountancy article)
- Summary of COVID-19 Related Deadline Extensions of Audited Financial Statements and Other Reports (Governmental Audit Quality Center resource)
- PPP Loan Forgiveness Services Matrix (Private Companies Practice Section resource; open to non-members)
- “Pandemic alters lease accounting landscape” (Journal of Accountancy article)
- “Pandemic-specific guidance for auditors and preparers” (Journal of Accountancy podcast)
- March 2020 Peer Reviewer Alert – Coronavirus Impact on Peer Review
(Updates on offsite system reviews, extension requests and reviewer training) - Taking Action: Working with Borrowers and Depository Institutions During COVID-19 Modification Relief (PowerPoint with audio)
- “How the coronavirus may affect financial reporting and auditing” (Journal of Accountancy article)
- Center for Plain English Accounting (CPEA) reports (includes topics such as potential auditing challenges and financial report considerations; certain reports available to non-members)