ICAS ICAS logo

Quicklinks

  1. About Us

    Find out about who we are and what we do here at ICAS.

  2. Find a CA

    Search our directory of individual CAs and Member organisations by name, location and professional criteria.

  3. CA Magazine

    View the latest issues of the dedicated magazine for ICAS Chartered Accountants.

  4. Contact Us

    Get in touch with ICAS by phone, email or post, with dedicated contacts for Members, Students and firms.

Login
  • Annual renewal
  • About us
  • Contact us
  • Find a CA
  1. About us
    1. Governance
  2. Members
    1. Become a member
    2. Newly qualified
    3. Manage my membership
    4. Benefits of membership
    5. Careers support
    6. Mentoring
    7. CA Wellbeing
    8. More for Members
    9. Area networks
    10. International communities
    11. Get involved
    12. Top Young CAs
    13. Career breaks
    14. ICAS podcast
    15. Newly admitted members 2022
    16. Newly admitted members 2023
  3. CA Students
    1. Student information
    2. Student resources
    3. Learning requirements
    4. Learning updates
    5. Learning blog
    6. Totum Pro | Student discount card
    7. CA Student wellbeing
  4. Become a CA
    1. How to become a CA
    2. Routes to becoming a CA
    3. CA Stories
    4. Find a training agreement
    5. Why become a CA
    6. Qualification information
    7. University exemptions
  5. Employers
    1. Become an Authorised Training Office
    2. Resources for Authorised Training Offices
    3. Professional entry
    4. Apprenticeships
  6. Find a CA
  7. ICAS events
    1. CA Summit
  8. CA magazine
  9. Insight
    1. Finance + Trust
    2. Finance + Technology
    3. Finance + EDI
    4. Finance + Mental Fitness
    5. Finance + Leadership
    6. Finance + Sustainability
  10. Professional resources
    1. Anti-money laundering
    2. Audit and assurance
    3. Brexit
    4. Business and governance
    5. Charities
    6. Coronavirus
    7. Corporate and financial reporting
    8. Cyber security
    9. Ethics
    10. Insolvency
    11. ICAS Research
    12. Pensions
    13. Practice
    14. Public sector
    15. Sustainability
    16. Tax
  11. CPD - professional development
    1. CPD courses and qualifications
    2. CPD news and updates
    3. CPD support and advice
  12. Regulation
    1. Complaints and sanctions
    2. Regulatory authorisations
    3. Guidance and help sheets
    4. Regulatory monitoring
  13. CA jobs
    1. CA jobs partner: Rutherford Cross
    2. Resources for your job search
    3. Advertise with CA jobs
    4. Hays | A Trusted ICAS CA Jobs Partner
    5. Azets | What's your ambition?
  14. Work at ICAS
    1. Business centres
    2. Meet our team
    3. Benefits
    4. Vacancies
    5. Imagine your career at ICAS
  15. Contact us
    1. Technical and regulation queries
    2. ICAS logo request

Ask ICAS webinar 2: Coronavirus - Accounts, audit and cash as king

  • LinkedIn (opens new window)
  • Twitter (opens new window)
By ICAS

9 April 2020

Some key takeaways from the second Ask ICAS webinar which covered accounts, audit and directors responsibilities.

This webinar, and the accompanying slides, are now available to view on-demand.


Download the slides

Download the Q&A


Accounting and audit considerations for private companies

James E Barbour CA, ICAS Director, Policy Leadership covered accounting and audit considerations for private companies.

  • Key points on filing of accounts and financial reporting:
    Companies House have introduced an automatic three month extension for the filing of company accounts which needs to be applied for.
  • The reason for the extension should be the impact of COVID-19 on the company’s activities. Company Number is also required.
  • Please note that this is only applicable where the filing deadline has not yet passed.
  • Companies that have already extended their filing deadline, or shortened their accounting reference period, may not be eligible for an extension.
  • A company’s year accounting reference period can be extended online.
  • The FRC have issued recent guidance which highlights the following as key areas for companies to consider when preparing financial statements:
    • Going concern and any associated material uncertainties, the basis of any significant judgements and the matters to consider when confirming the preparation of the financial statements on a going concern;
    • The increased importance of providing information on significant judgements applied in the preparation of the financial statements, sources of estimation uncertainty and other assumptions made; and
    • The judgements required in determining the appropriate reporting response to events after the reporting date and the extent to which qualitative or quantitative disclosures may be appropriate.
  • FRC guidance for companies and auditors is now available.

Key points for auditors:

  • The FRC March bulletin contains a non-exhaustive list of factors auditors should be considering when carrying out audit engagements in the current circumstances.
  • Risk Assessment and planning – For audits which are underway relating to periods that end after 31 December 2019, the impact of COVID-19 is likely to require the auditor to revisit their risk assessment and the proposed response to identified risks.
  • ICAS has produced guidance which provides examples of potential alternative audit procedures that auditors might perform in seeking to obtain sufficient and appropriate audit evidence in respect of inventories.
  • FRC recognise that given the current uncertainty and volatility, that more companies and auditors may need to consider reporting on material uncertainties. Where they do so, this should draw on the available facts and circumstances. Auditors should not generically report on material uncertainties.
  • Further guidance on the implications of COVID-19 on audits is likely to be issued.

Director responsibilities and keeping cash as king

Steven Wood, Practice Support Specialist (Insolvency), gave an overview of director responsibilities and keeping cash as king.

Key points on director responsibilities and the importance of cash

  • In the pre-coronavirus business landscape, if a company was insolvent directors were under a duty to take every step a reasonably diligent person would take to minimise potential loss to the company's creditors.
  • Failing that, they risked personal liability for any worsening of the company’s financial position - wrongful trading.
  • Wrongful trading provisions suspended temporarily from 1 March 2020 for three months.
  • To allow businesses to take advantage of government aid and enable otherwise viable businesses to weather the crisis.
  • However, “all of the other checks and balances that help to ensure directors fulfil their duties properly will remain in force”.
  • Directors must still ensure that they comply with their duties and act in the best interests of the company.
  • Only the wrongful trading provisions are being relaxed.
  • Cash remains vital to allow businesses to survive and allow those businesses forced into closure to get things up and running again.
  • There are numerous government measures to support businesses.
  • Daily cash-flow forecasting is vital, along with a detailed review of expenditure to establish what can be cut back on during any period of shutdown or business disruption.

Details of how to register for next week’s Ask ICAS webinar will be available soon.

TPR: COVID-19 updates for pension trustees, employers and administrators

By Christine Scott, Head of Charities and Pensions

1 April 2020

ICAS logo

Footer links

  • Contact us
  • Terms and conditions
  • Modern slavery statement
  • Privacy notice
  • CA magazine

Connect with ICAS

  • Facebook (opens new window) Facebook Icon
  • Twitter (opens new window) Twitter Icon
  • LinkedIn (opens new window) LinkedIn Icon
  • Instagram (opens new window) Instagram Icon

ICAS is a member of the following bodies

  • Consultative Committee of Accountancy Bodies (opens new window) Consultative Committee of Accountancy Bodies logo
  • Chartered Accountants Worldwide (opens new window) Chartered Accountants Worldwide logo
  • Global Accounting Alliance (opens new window) Global Accounting Alliance
  • International Federation of Accountants (opens new window) IFAC
  • Access Accountancy (opens new window) Access Acountancy

Charities

  • ICAS Foundation (opens new window) ICAS Foundation
  • SCABA (opens new window) scaba

Accreditations

  • ISO 9001 - RGB (opens new window)
© ICAS 2022

The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

ICAS logo

Our cookie policy

ICAS.com uses cookies which are essential for our website to work. We would also like to use analytical cookies to help us improve our website and your user experience. Any data collected is anonymised. Please have a look at the further information in our cookie policy and confirm if you are happy for us to use analytical cookies: