Auditors warn of ‘accounting chaos’
24 March 2020
Deloitte, PwC, EY and KPMG have warned the FRC, FCA and Department for Business, Energy and Industrial Strategy of potential accounting chaos as the Coronavirus chaos hurts their ability to diagnose the financial health of businesses.
The issue is urgent because of the timing of the crisis, just before the 31 March financial year end of many companies.
Auditors are said to be considering a consistent ‘anchor’ set of assumptions on the Covid-19 impact to apply to company accounts.
“Everyone knows they would be wrong,” said a Sunday Telegraph source, “but they would be consistently wrong.”
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