ICAI issues norms for auditors to assess going concern, key audit matters

Institute suggests engaging internal auditor or another CA in cases where physical verification of stocks is not possible for statutory auditor

The institute of chartered accountants of India (ICAI) has issued detailed guidelines for auditors to assess the going concern nature of the company and key audit considerations during Covid-19. 

“The auditor would be more skeptical about impairment assessment in current scenario….It should be noted that the auditor is not performing procedures to assess the impact of Covid-19 itself rather the procedures are being performed in respect of specific items of financial statements or assumptions,” ICAI guidelines said.

ICAI has also asked auditors to