The Effects of Corona Virus Pandemic on Financial Reporting and Auditing..docx

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The Effects of Corona Virus Pandemic on Financial Reporting and Auditing SUBMITTED TO- Ms. Nimat Zarin SUBMITTED BY- Mohammad Bin Yousuf ID# 1722173 Course Title: Auditing Course ID: ACN 403 Section: 02 Date of Submission: 07/04/2020.
LETTER OF TRANSMITTAL 7 Th April, 2020 Ms. Nimat Zarin Course Instructor, ACN 403, School of Business, Independent University, Bangladesh. Subject: Report on “The Effects of Corona Virus Pandemic on Financial Reporting and Auditing” Dear Ma’am, With due respect, it was my pleasure and honor of being your students and having this opportunity to write a report on The Effects of Corona Virus Pandemic on Financial Reporting and Auditing. I have provided all the relevant information regarding the subject. I would like to take the opportunity to thank you for the guidance and support you have provided during the course and while preparing this report. While preparing the report, I have given my best to accumulate the needed information and I will be more than glad to answer any questions and clarify any confusion, clearly for your understanding. Thank you once again for your support and patience. Yours Sincerely, Mohammad Bin Yousuf
ACKNOWLEDGEMENT I wish to express my sincere gratitude to Ms.Nimat Zarin, for providing me with an opportunity to write on The Effects of Corona Virus Pandemic on Financial Reporting and Auditing. I feel very obliged and therefore pay special thanks to my honorable faculty, Ms. Nimat Zarin, who has given me the opportunity to think and to show my researching skills. It is my pleasure to work and complete this report successfully. The report would not have been efficient without the guidelines from our respected faculty. I provide special gratitude to my instructor Ms. Nimat Zarin whose contribution in stimulating suggestions and encouragement helped to learn a lot of new and innovative things in this course which I do not get particularly to learn in every other course and also never think of learning in daily lives.
Contents Executive Summary ..................................................................................................................................... 5 What is Corona Virus? ................................................................................................................................. 6 The effects of Corona virus on financial reporting and auditing .................................................................. 7 What type of financial effect might COVID-19 have on an entity? ............................................................... 9 Close up on financial reporting .................................................................................................................. 10 Auditors Responsibility .............................................................................................................................. 11 Disclosing the effects of Corona Virus in the financial statements ............................................................ 12 Financial Reporting and audit considerations ............................................................................................ 14 Key Considerations .................................................................................................................................... 16 Recommendation ...................................................................................................................................... 17 Conclusion ................................................................................................................................................. 19 Bibliography ............................................................................................................................................... 20 . ................................................................................................................................................................. 20
Executive Summary Since December, 2019, Wuhan, China, has experienced an outbreak of corona virus disease (COVID-19), caused by the severe acute respiratory syndrome corona virus 2 (SARS-CoV-2). All financial report preparers and auditors ought to consider the effect of Coronavirus (COVID- 19) on interval and annual financial reports emerging from this major worldwide hazard.

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