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FRC Guidance on COVID-19 for companies and auditors

The Financial Reporting Council (FRC) have published consolidated versions of the guidance they have issued over the last few months regarding the audit and financial reporting implications of the COVID-19 pandemic. 

The guidance for auditors includes updated guidance on possible indicators of increased risk, such as: 

  • Increased pressures to meet financial targets;
  • Challenges to keep the business operational;
  • Management focussing on operational issues with less attention to fraud risks; and
  • Reduced security over physical assets. 

The guidance for companies can be found here and the guidance for auditors here.

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