In a market like India, where corporate governance concerns are top of mind for investors, the role of auditors in providing assurance to investors is critical.
We encourage investors to “look under the hood” at the results — not for their predictive ability this quarter per se but rather for the ability of a company’s forward-looking statements to be evaluated and to make their own assessments of future prospects. Until there is a vaccine, company results and outlook will likely be filled with uncertainty, and these interim results can provide insight into the impact of the pandemic and how the business may respond in the future as the pandemic ebbs and flows over the next few years.
Due to the impact of COVID-19 on how companies are reporting during the second quarter/half year, investors likely need to perform their own going concern analysis.
As we noted in our introductory post on July 14, as the earnings season commences this week, we will undertake a series of posts over the next two weeks on issues we believe are important for… READ MORE ›
The second quarter, ending June 30, will result in US companies providing investors with the first look at the actual impact of COVID-19 on US public companies; and globally, companies will release their half-yearly results for the first time since the global surge in the pandemic.
CFA Institute recently responded to
the Public Company Accounting Oversight Board’s (PCAOB) Concept Release, Potential Approach to Revisions to
PCAOB Quality Control (QC) Standards.
Regarding communication, the
Concept Release says,
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