In many jurisdictions, governments have responded to the COVID-19 pandemic with an unprecedented range of business support schemes, which provided the necessary funding to allow companies in difficulty to keep their staff and avoid bankruptcy.
The existence of such risk schemes may pose additional or heightened risks that professional accountants and auditors need to consider carefully. The publication Ethical and Auditing Implications Arising from Government backed COVID-19 Business Support Schemes comes to their support by setting out some of the issues that may have ethical implications, implications for those who prepare financial information and implications for those who independently audit such information.
The paper is developed by the UK Financial Reporting Council (FRC) under the auspices of a Working group formed by the International Ethics Standards Board for Accountants (IESBA) and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK and the US.
The Romanian version of this publication can be accessed on the CECCAR website, section Publicații – Organisme internaționale – Alte documente de interes