Topic background:

First reported to the World Health Organisation as an unknown virus in late December 2019, coronavirus/COVID19 developments throughout 2020 are causing great uncertainty for the global economy. This uncertainty is creating risks that entities may not have encountered before, and gives rise to new and rapidly changing conditions that auditors may not have previously encountered.

Required: Conduct research on the impact of coronavirus/COVID19 on external financial report audits, then

answer the following questions:

3. Distinguish between an assessment of solvency and an assessment of going concern - are they two ways to report the same thing? (600 words);