AIMA Australia Webinar – Impact of COVID-19 on Financial Reporting & Audit Considerations

Published: 14 May 2020

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COVID-19 has radically affected nearly all entities in some way, triggering a complex web of accounting, audit and broader issues including going concern, impairment, demand and supply chain, employee management, and more. This in depth webinar is especially important with June end of financial year approaching. 
 
The webinar will explore the financial reporting and audit implications of COVID-19 on the local investment management industry, and what all the entity’s management, Board of Directors and auditors could consider in understanding and responding to these issues.
 
Key topics to be discussed:
  • General Accounting, Auditing, and Reporting Matters
    • Audit risks and uncertainties      
    • Going concern
    • Subsequent events        
    • Disclosures in financial statements (including any continuous disclosure obligations for listed entities)
    • Impact on GS007 reports in a WFH environment
 
  • Accounting and Financial Reporting Specific Matters
    • Fair value of investments, specifically valuation of level 3 assets
    • Pricing  of fund of funds with non-coterminous year ends
    • Pricing open ended funds with illiquid assets when there are material subs and/or reds
    • Liquidity challenges and implications of freeze on redemptions/gating provisions
    • Asset impairments / allowance for expected credit losses
    • Clawback provisions/other reversal of performance fee mechanisms
    • Recoverability of deferred tax assets for the Corporate fund managers
 
  • Audit and Auditor Reporting Specific Matters
    • Planning meetings
    • Access to books, records and underlying statements (and business staff)
    • Fraud Inquiries
    • Maintaining effective internal controls
    • Communication with Those Charged with Governance
    • Representation letters
    • Impact on auditor’s report
    • AFSL compliance audit considerations given WFH environment
    • Discussion on the use of technology to complete audit procedures typically performed at client premises
 
A recording is now available for replay here. Please contact [email protected] for the password.