War in Ukraine: auditing implications (ICAEW)

PrimeGlobal Supports Ukraine
March 16, 2022

Events in Ukraine mean that for many organisations it's far from 'business as usual' and audit is no exception. This article by ICAEW gives an overview of the key areas auditors may need to consider. 

There will be different challenges for entities located in Russia and Belarus, where business will be continuing but under sanctions and other restrictions, and accordingly, there will be different impacts on auditing.

The key areas discussed in this article include:

  • Know your client (KYC) and anti-money laundering (AML) checks;
  • Non-compliance with laws and regulation (NOCLAR); 
  • Post balance sheet events 
  • Impairment of Russian and Belarussian assets; 
  • Going concern; Group audits; and 
  • Changes to the auditor’s report.

 Read the full article on the ICAEW website.