Impacts of COVID-19 on the financial reporting and audit (კორონავირუს COVID-19-ის გავლენა ფინანსურ ანგარიშგებასა და აუდიტზე)

Thumbnail Image
Journal Title
Journal ISSN
Volume Title
Ivane Javakhishvili Tbilisi State University Press
The New Covid19 pandemic caused economic crises since the beginning of the year and created global challenges in the world. The enterprises have faced severe problems in preparing the financial reporting for 2019. The crisis seems to continue for the 2020 financial year. Serious challenge has been posed to auditors and audit companies. This paper proposes ways to solve these issues as specified by current international standards and regulations. Enterprises faced considerable challenges during unforeseen pandemics. The challenges are especially apparent in the preparation of valid financial statements. Due to the existing conditions, it is difficult to understand whether the use of the going concern of accounting in the financial statement will be adequately perceived and useful for the interested stakeholders. The paper elaborates on the key topics that the industries should consider while preparing financial reporting, as well as auditors - while auditing financial reporting.
• Albitar, K., Gerged, A. M., Kikhia, H., & Hussainey, K. (2020). Auditing in times of social distancing: the effect of COVID-19 on auditing quality. . International Journal of Accounting & Information Management. • BASKAN, T.D. (2020). ANALYZING THE GOING CONCERN UNCERTAINTY DURING THE PERIOD OF COVID-19 PANDEMIC IN TERMS OF INDEPENDENT AUDITOR’S REPORTS. ISPEC International Journal of Social Sciences & Humanities,, 4(2), 28-42. • Chang, Y. T., Chen, H., Cheng, R. K., & Chi, W. (2019). The Impact of Internal Audit Attributes on the Effectiveness of Internal Control over Operations and Compliance. Journal of Contemporary Accounting & Economics, 15(1), 1-19. • Dohrer, B., & Mayes, C. (2020). Dohrer, B., & Mayes, C. Journal of Accountancy, 230(2), 31. • El-Mousawi, H., & Kanso, H. (2020). Original Paper Impact of COVID-19 Outbreak on Financial Reporting in the Light of the International Financial Reporting Standards (IFRS)(An Empirical Study). • Fiume, R., Onesti, T., & Bianchi, S. (2020). Dialogue with Standard Setters. Potential Impacts of the COVID-19 on IFRS Financial Statements. . FINANCIAL REPORTING. • Gogrichiani, Z. . (2019). Disclosures of Events after the Reporting Period. In S. L. A., Financial Accounting II (pp. 325-357). Tbilisi: TSU Press. • Gonzalez-Uribe, J. &. (2020). The Effects of Small-Firm Loan Guarantees in the UK: Insights for the COVID-19 Pandemic Crisis. London: Available at SSRN 3382280. • Group., W. B. (2016, May 22). 2014-2015 West Africa EBOLA Crisis: Impact Update. Retrieved from Impact-and-Lessons-Pa per-short-version.pdf. Retrieved from 2014-2015 West Africa EBOLA Crisis: Impact Update. Retrieved from http://pubdocs.worldbank. org/en/297531463677588074/Ebola-Economic-Impact-and-Lessons-Pa pershort- version.pdf. • IAASB. (2020, August 20)., version. pdf. p.21. Retrieved from • IAASB. (2020, August 20)., version. pdf. p.3. Retrieved from • IAASB. (2020, May 22). evolving-environment-due-covid-19. Retrieved from • IAASB. (2020, May 22). Staff-Alert-Auditor-Reporting-Final.pdf. Retrieved from • IFAC. (2020, August 20)., version. pdf. p.14. Retrieved from • IFAC. (2020, August 20)., version. pdf. p.16. Retrieved from • IFAC. (2020, August 20). 570-(Revised).pdf, p.17-20. Retrieved from • IFAC. (2020, August 20). 570-(Revised).pdf, p.4. Retrieved from • IFAC. (2020, June 15). ias-1-presentation-of-financial-statements/. Retrieved from • Levy H. B. . (2020). Financial Reporting and Auditing Implications of the COVID-19 Pandemic. The CPA Journal, 90(5), 26-33., 90(5), 26-33. • Sabauri L. (2017). Problems Occurring in the Process of Audit by Taking into Consideration their Theoretic Aspects against the Background of Reforms Conducted in a Country: The Example of Georgia. . International Journal of Industrial and Systems Engineering, 11(5), 1200-1207. • Sabauri, L. . (2018). Approval and Introduction of the International Financial Reporting Standards (IFRS) in Georgia: Challenges and Perspectives. . Journal of Accounting & Marketing, 7(2). • Sabauri L. (2016). Analysis of the Reasons behind the Deteriorated Standing of Engineering Companies during the Financial Crisis. International Journal of Economics and Management Engineering, 1435-1438. • Sabauri L. (2016). International Standards on Auditing. Tbilisi: Forma Ltd. • Sabauri L. (2018). AUDIT RISK MANAGEMENT AND ITS AFFECT ON THE AUDIT OF THE FINANCIAL STATEMENT. Globalization & Business. • Sabauri L. (2018). Lease accounting: specifics. In Proceedings of 167th The IIER International Conference, Germany (pp. 17-20). The 167th The IIER International Conference. Berlin: Proceedings of 167th The IIER International Conference, (pp. 17-20). • Sabauri L., Kvatashidze N. (2016, November). Types of financial statements, questions of their submission and comparative analysis according to the IFRS. In Proceedings of International Academic Conferences (No. 5306917). Prague: International Institute of Social and Economic Sciences. • Sabauri L., Mamardashvili N. (2014). General review of the mistakes made during the audit that are common in practice. Tbilisi: TSU Press.
Auditor Opinion, Financial Reporting, Going Concern, Presentation of Financial Statements, Subsequent Events
Economics and Business, №2, 2021, pp. 134-147