NFP's preparing for audit in the face of Covid-19

The impact of Covid-19 is being felt across Australia’s economy and the rest of the world. It’s creating greater uncertainty both now and into the future, creating more risks that may not have been encountered before.

Management and Board need to perform appropriate risk assessments and assessing the impact of Covid-19 in these changing and conditions. 

These are the types of questions an auditor performing the financial assessment is going to want to confirm;

  • Has a cash flow forecast analysis been prepared, with appropriate assumptions and worst-case scenarios;
  • What will be the impact on revenue collections;
  • Will there be any additional costs expected to be incurred;
  • What ability does the client have to draw down on available cash, investments and/or lines of credit;
  • What concessions or supplementary funding announced by the government are available to the client;
  • A going concern analysis extended for a period of 12 months from the date of signing the financial report.

Contact Successful Alliances on 02 6196 9496 or 03 9108 6110 on how we can help.