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The institute of chartered accountants of India (ICAI) has issued detailed guidelines for auditors to assess the going concern nature of the company and key audit considerations during Covid-19.
“The auditor would be more skeptical about impairment assessment in current scenario….It should be noted that the auditor is not performing procedures to assess the impact of Covid-19 itself rather the procedures are being performed in respect of specific items of financial statements or assumptions,” ICAI guidelines said.
ICAI has also asked auditors to
