March 16, 2020 / 7:27 AM / 21 days ago

Audit watchdog says company audits may take more time, delay financial reporting

LONDON, March 16 (Reuters) - Britain’s Financial Reporting Council has warned accounting firms may need to revamp procedures and take additional time to complete high quality company audits, as the coronavirus pandemic grips.

In a statement on Monday, the watchdog said it was concerned the current situation “should not undermine delivery of high-quality audits” and that company assessments should fully comply with required standards, even if firms had to delay reporting of company financial figures as a result.

“Auditors will need to engage with entities they audit to ensure they set clear expectations as to the level of disclosure they expect to see in annual reports to communicate the impact and risk of COVID-19 on the company,” the FRC said. (Reporting By Sinead Cruise, editing by Lawrence White)

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