COVID-19 considerations: Receiving government assistance
Potential audit committee questions to address risks associated with receipt of government assistance
During this unprecedented time, it is imperative that audit committees, who play a critical role in the financial reporting ecosystem, work closely with management to understand these the risks associated with the receipt of pandemic government assistance and to oversee the impact they may have on financial statements and related reporting. In this article, we suggest a series of questions that audit committees should consider asking management, recognizing that legal prohibitions, focus of concern, or risks may vary across jurisdictions. These questions encompass a range of issues from dividend payment policy, share repurchase programs, executive compensation, financial and reputation risk management, internal controls, and financial reporting.