COVID-19: Audit committee financial reporting guidebook

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Helpful guidance and questions to ask as you oversee financial reporting

Given the current business and market conditions amid the coronavirus pandemic, companies are likely to be faced with many accounting and reporting challenges depending on where they are in the fiscal year. These challenges come in the form of practical considerations, like the ability of a company to “close its books,” apply complex and judgment-based accounting concepts, meet regulatory expectations and filing deadlines, and address investor expectations.

Considering this rapidly evolving environment, audit committees will want to consider the following guidance as they exercise their critical oversight role.

Here is a glimpse of what to expect:

Financial reporting
Closing the books and SEC filing deadlines
Government assistance
Risk factors, MD&A

Technical accounting
Revenue recognition and receivables
Impairment of goodwill, indefinite-lived intangibles and long-lived assets
Debt
Subsequent events
Going concern

COVID-19 Audit committee financial reporting guidebook

Contact us

Paul DeNicola

Principal, Governance Insights Center, PwC US

Paula Loop

Governance Insights Center Leader, PwC US

Stephen G. Parker

Partner, Governance Insights Center, PwC US