Public companies are dealing with a variety of financial reporting difficulties in the face of the unpredictable COVID-19 pandemic and the impact it’s having on businesses of all sizes. | Auditors and CAQ change plans in response to coronavirus | | By Michael Cohn 8 min read | | The auditing profession is responding to the novel coronavirus pandemic by adjusting how it conducts audits, and that’s evident in the Center for Audit Quality, whose CEO, Julie Bell Lindsay, took over the leadership job when the priorities for the profession and the CAQ looked far different. | |
| Wirecard says KPMG could not review all data for audit | | By Sarah Syed and Eyk Henning 2 min read | | An independent audit into Wirecard AG concluded that it was unable to obtain the data needed to confirm past revenues, and criticized the payment processor for internal “shortcomings” and unwillingness by its third-party partners to contribute to the report. | |
| IAASB proposes to improve group audits | | By Michael Cohn 2 min read | | The International Auditing and Assurance Standards Board has released an exposure draft of a standard for improving the quality of audits of group financial statements. | |
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