This new publication builds on information provided in the PCAOB’s April 2020 Spotlight, COVID-19: Reminders for Audits Nearing Completion. Despite the ongoing challenges created by the pandemic, auditors remain responsible for conducting audits in accordance with PCAOB standards and rules, as well as other regulatory and professional standards. Although the staff observations in this publication relate to audits of public companies, many of the reminders, even where the term “public company” is used, may also be applicable to audits of broker-dealers.

Review the press release and publication on the PCAOB's website.

As part of the Public Company Accounting Oversight Board’s (PCAOB) strategic goal of enhancing transparency and accessibility through proactive stakeholder engagement, the PCAOB has committed to engaging more directly and more often with audit committees.

In an effort to provide transparency into that process and as part of the reporting out of what they heard, PCAOB staff released a new resource for audit committees, Conversations with Audit Committee Chairs: COVID-19 and the Audit.

Review the publication on the PCAOB's website.

"The COVID-19 crisis is having a significant impact on investors, issuers, and auditors alike," said Chairman William D. Duhnke III. "This Spotlight is intended as a reminder that adherence to our standards takes on added importance as investors depend now, more than ever, on the integrity of financial statements."

Review the following on the PCAOB's website:

• COVID-19: Reminders for Audits Nearing Completion Spotlight
• PCAOB's response to COVID-19 resource page

This publication provides an overview and includes helpful resources to support you as you determine the fair value of your assets and liabilities.

Review the publication on the AcSB's website.

This means companies should use professional judgement and consider the potential implications that COVID-19 could have relating to the accounting for leases under IFRS 16, Leases.

Review the publication on the AcSB's website.

This means companies should use professional judgement and consider the potential implications that COVID-19 could have relating to the accounting for leases under IFRS 16, "Leases".

Review the publication on the AcSB's website.

The unprecedented COVID-19 pandemic, which has quickly morphed into a global humanitarian crisis and economic disaster, has dramatically upped the stakes and added a new layer of complexity. And while the quantitative easing programs initiated by governments around the world have propelled the markets to function, these efforts are likely to be of limited efficacy and will not cure what ails many beleaguered companies, particularly private enterprises. As such, private company finance leaders should be preparing for what is likely to be a tougher credit environment and no matter where a company is on the credit spectrum, should be proactively re-evaluating their capital needs to identify potential liquidity mismatches and to seek to bridge the gaps.

In this article, Deloitte Private outlines four areas of opportunity companies can consider to meet their needs.

Reporting and fraud risk arising from COVID-19 pose significant challenges for professional accountants

Globally the COVID-19 crisis is causing huge financial implications for many organizations, as well as exposing them to a variety of other emerging risks related to virtual operations, cybersecurity, and changes in relationships with customers and suppliers that put pressure on operations and service delivery. This new environment creates a heightened risk of fraud and improper financial reporting, as new opportunities and pressures can arise for both internal employees and external parties.

Managing fraud risk, culture, and skepticism during COVID-19

This resource is intended to heighten awareness of the risk for fraud and misconduct that might occur inside an organization during, or as a result of, this crisis. Even if most people behave ethically, members of the financial reporting supply chain should review the controls, processes, and procedures that they have in their arsenals: a robust crisis and fraud risk management plan, a healthy dose of skepticism, and a strong culture of integrity.

Resilient leadership: Propel toward recovery

As we progress through the Recovery phase of the crisis, resilient leaders recognize and reinforce critical shifts from a “today” to a “tomorrow” mindset for their teams. They perceive how major COVID-19-related market and societal shifts have caused substantial uncertainties that need to be navigated—and may be seized as an opportunity to grow and change.

Virtual and remote: Navigating the next financial close

As the COVID-19 pandemic forced workers to abandon their offices earlier this year, many finance leaders found themselves in a predicament: how to manage a period-end close with a distributed and distracted workforce. It was far from simple. Decentralization, involving collaboration across different systems and locations, suddenly became an organizing principle. Shortfalls, whether in staffing, IT infrastructure, or cybersecurity, quickly became visible.

FinOps: Keeping a lid on post-COVID cloud costs

In the rush to support business continuity and remote work, many organizations have ramped up their cloud usage—sometimes taking on more resources than they actually need. FinOps is one strategy that can help keep costs under control. The COVID-19 crisis has already transformed the business world in countless ways as many companies scramble to stay operational while moving much of their work online. Frequently, cloud technology is an essential means to both ends.

Experience brief: Rethink business with human-centered design

COVID-19 has triggered astonishingly swift and sweeping change to how people work, shop, socialize, relax, approach hygiene, and generally view the world. Which new behaviors and habits will persist, and what are the implications for the long-term viability of different business strategies? As organizations move forward with little precedent and considerably high stakes, human-centered design can provide much-needed structure and focus for assessing needs, testing and building solutions, and adapting business models to recover more quickly and thrive over the long term.

Under pressure – Leading in uncertain times

Just months ago, boards were contemplating what lay ahead for a new decade. The impact of changing community expectations, evolving technology and a growing climate threat were among the key topics being discussed. Those issues haven’t gone away, but they’ve been sidelined by a situation few people could have foreseen. The rapid spread of COVID-19 has affected every corner of the globe, with unprecedented measures being taken to protect people and reduce its severity. While public health is the top priority, economic and social considerations are close behind.

Coronavirus: 15 emerging themes for boards and executive teams

Recently, McKinsey spoke with a group of leading nonexecutive chairs and directors at companies around the world who serve on the McKinsey Resilience Advisory Council, a group of external advisers that acts as a sounding board and inspiration for our latest thinking on risk and resilience. They shared the personal insights and experiences gained from their organizations’ efforts to manage through the crisis and resume work. The 15 themes that emerged offer a guide to boards and executive teams everywhere.

The impacts of the coronavirus may present challenges for certain companies that are required to provide information to trading markets, shareholders, and the SEC. These companies may include U.S. companies located in the affected areas, as well as companies with operations in those regions.

Review the press release and exemptive order on the SEC's website.