LONDON (Reuters) – Britain’s accounting watchdog said it has begun weekly calls with top accounting firms to check if they can complete year-end audits on time.
“The Financial Reporting Council is closely monitoring the impact of COVID-19 on audit firms ability to carry out timely and high quality audits which remains a priority,” the watchdog said in a statement on Wednesday.
“While audit firms have not yet reported significant impacts to completing year-end audits, the situation is evolving and we have initiated regular weekly calls with the largest firms, to ensure any impacts are appropriately managed,” the watchdog said.
The regulator is focusing in particular on company audits covering the UK financial year that ends in early April.
(Reporting by Huw Jones; editing by Jason Neely)