In the first quarter of 2020, the COVID-19 outbreak developed rapidly causing a worldwide pandemic, with a significant number of infections arising in different nations of the world, including Nigeria. The outbreak was declared a public health emergency of international concern by the World Health Organization (WHO) in March 2020. Several nations and states had to declare a state of emergency due to its widespread impact.
The disease has caused significant reduction in social interaction, with shutdown of public facilities and limit on physical interaction. Measures taken to contain the virus have significantly affected economic activities and global markets, with some industries more severely impacted than others. Amidst the global pandemic that has brought the whole world to its knees and by extension affected the global markets on all fronts, the Institute of Chartered Accountants of Nigeria (ICAN) is committed to maintaining Audit quality even in these uncertain times.
This practice guide provides guidance for ICAN members especially small and medium sized practitioners (SMPs) on significant accounting, tax and audit considerations in assessing and responding to the impact of COVID-19. Read More