Audit & Analytics Amid COVID-19 #109

What should businesses and their advisors be considering when it comes to financial statement audits, given the recent disruptions caused by COVID-19? What role can analytics play in managing cash flow and forecasting? Guests Megan Stern and Greg Knight join host Damien Martin to offer their insights from working with businesses amid the pandemic in the last six months and share best practices and considerations for next year’s audit. Here’s what’s covered: The importance of cash flow management and the impact of the pandemic [01:46] How this year’s auditing compares to last year [05:09] Special considerations for CFOs to prepare for upcoming audits [06:55] Implementing new financial statement standards [13:23] Revenue recognition FAQs [15:59] Considerations for revenue recognition amid COVID-19 [23:59] Discussing and presenting cash flow forecasts with your bank [26:11] Understand your cost structure [31:16] Going concern gets a bad rap but doing the analysis isn’t a bad exercise [34:40] Closing thoughts on cash flow forecasts [35:23] Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to [email protected]. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube