Reflecting The Effects of the Corona COVID-19 pandemic on The Task Of Preparing and Auditing financial Statement

Abstract

This research aims to show that accounting is still keeping pace with the environmental variables in which it operates, which represent an important component of this environment and in light of the Corona virus (COVID-19) pandemic and its implications for all sectors and fields, especially from the point of view of the users of the financial statements. As a basic measurement tool for data collection that was employed to test research hypotheses and distribute (95) questionnaires electronically, and the research reached a number of conclusions, the most prominent of which was (that the threat to the survival and continuity of the economic unit is one of the most important accounting repercussions caused by the COVID-19 pandemic) Information related to the impairment of assets must be disclosed in the financial statements and sufficient details must be provided, as well as disclosure of the main assumptions used to determine the recoverable amounts. The task of preparing and auditing the financial statements, and this was confirmed by the statistical analysis of the research, some contracts that had been considered previously, i.e. before the virus (Covid-19) pandemic, profitable or in a break-even situation, may become exhausting after the outbreak of the pandemic, this matter is related to the current obligations at the date of preparing the statement of financial position Accordingly, there is a need to prove the provisions. There is a fear by the economic unit management of using modern methods in the task of preparing and auditing the integrated financial statements. This is due to the difficulty of responding to the requirements of the new phase of the spread of the Corona virus (COVID-19), and the research also recommended the need to include information in reports and financial statements. Complete financial and non-financial that reflects the performance of the economic unit’s management and its policy and its impact on the Corona Virus (COVID-19) pandemic, the need for management to respond to the crises that the economic unit is going through and attention to training workers on the use of modern technologies, and the need for professional bodies and bodies to issue accounting directives and guidelines Which contributes to limiting the impact of the accounting repercussions of the Coronavirus pandemic (COVID-19) on the task of preparing and auditing the financial statements