How COVID-19 is affecting auditing and financial reporting

Description

Abstract: The COVID-19 pandemic has affected virtually every area of business for most auto dealers. Since it began in the spring, questions have arisen about the crisis’s impact on auditing and financial reporting. A list of frequently asked questions (FAQs), compiled by the American Institute of Certified Public Accountants (AICPA), helps answer some of those questions. This article is a summary of that discourse; it highlights disclosing risks and uncertainties and evaluating subsequent events. A sidebar spotlights the AICPA’s FAQ coverage of going concern disclosure requirements.