Covid-19 Details

A new challenge is being addressed worldwide, due to the COVID-19 pandemic. Given the new conditions, significant changes are expected in all areas of business, including audit and accounting. To facilitate all stakeholders, the HAASOB has created on its official website, a Useful Links section regarding audit and accounting issues arising as a consequence of the[…]

012/2020 – Measures for the audit quality inspections and operation of the HAASOB due to the pandemic of corona virus (COVID 19)

The HAASOB, continuing its mission to function in the public interest, is taking measures to adapt its operations to the difficulties associated with the crisis due to the pandemic of corona virus (COVID 19), throughout the period of limitation set by the national Legislative Content Act on urgent measures
to address the negative consequences of the corona virus (COVID-19) crisis and the necessity to limit its spread.

006/2020 – CEAOB emphasises the following areas that are of high importance in view of Covid-19 impact on audits of financial statements

The Covid-19 (Coronavirus) pandemic has a global impact and significantly affects entities and their auditors. Whilst auditors have to comply fully with required standards, the Committee of European Audit Oversight Bodies (CEAOB) wishes to emphasise certain challenges that auditors are facing due to the unprecedented scale of the outbreak, which could have an adverse effect on audit quality. CEAOB acknowledges the ESMA statement on the accounting implications of the current situation on the calculation of expected credit losses under IFRS9 as well as the statement by ESMA on the recommended actions by financial market participants, in particular those about disclosure and financial reporting.