COVID-19: Guidance for SMPs
Helping SMPs and their SME clients cope with the COVID-19 crisis
Across Europe and beyond SMEs and the self-employed are facing acute financial stress. While SMPs are themselves suffering disruption from the crisis, they remain, more than ever, an invaluable source of guidance and expertise for a range of professional services from audit and accounting through to tax and business advice.
Set out below is a specially curated list of free guidance and other resources designed to help SMPs better manage their practices and provide high quality services to their SME clients.
- This website, is COVID-19 Hub with range of resources including some for SMPs. [NEW]
- This webpage, COVID-19 Resources from IFAC’s Network, has essential resources, guidance and advice from IFAC member organizations and other stakeholders to help support professional accountants including SMPs.
- This resource centre, AICPA Coronavirus Resource Centre, has virtual learning (some free for non-members), learning resources and more, much of it relevant to SMPs. This podcast talks through these resources.
- This article sets out 7-critical-tips-for leading teams working remotely from home. [NEW]
- This article describes 4 steps SMPs should take to a strategic review at this time of crisis. [NEW]
- This article examines the potential long-term professional-liability consequences of the crisis that SMPs might wish to address now. [NEW]
- This article examines how US SMPs are responding to these challenging times and how they will differ in the future. [NEW]
- This article looks at how accountants can maintain their mental health in these challenging times while this article looks at how to keep in good physical as well as mental health.
- This article explains how the crisis will permanently change how SMPs work including remote working, embracing technology, offering more advisory and closer communications with client.
- This podcast sets out find practical tips on how SMPs can continue running their practice remotely.
- This article gives reasons SMPs and their staff should embrace virtual learning and how to leverage it.
- This article explains how to maintain privacy and security when using videoconferencing.
- This article advises on steps to take to preparing SME clients and protect the practice.
- This webcast (archived) conducted on 1 April 2020 shows how finance professionals can manage the uncertainty of COVID19, discusses the critical issues facing leaders and shares practical suggestions to navigate the crisis.
- This article explains 5 software services to help keep your practice running through the COVID-19 pandemic.
- This IFAC article sets out a few tips to help make the virtual connection manageable. Other guidance on remote working includes: this podcast explains how to quickly become comfortable in an home office; this video provides guidance on managing remote workers; this article provides 4 tips on remote working; this article shares four strategies for managing remote workers, including onboarding and engagement; this article looks at how individuals can help their team work remotely; and this article suggests how to preventing strangers ‘gatecrashing’ meetings.
- This article stresses the need for SMPs to have a crisis management plan.
- This article considers what condition practices will be in when they emerge from the coronavirus crisis.
- In this article managers and leaders of SMPs can use seven principles to lead their team through this crisis.
- This article sets out some tips for small business survival. [NEW]
- This article looks at how SMEs can mitigate increased cybersecurity risks arising from the crisis. [NEW]
- This article provides advice on strategy and operations to help organizations through the crisis.
- This article provides tips for SMPs in their communications with SMEs during these uncertain times.
- This article sets out 7 key points SMPs can discuss with clients during COVID-19.
- This article provides tips for SMEs on how best to address disruption arising from COVID-19.
- This article shares the findings from an ACCA Global Survey of members on impact of COVID-19, and explains how clients are affected and how SMPs can help.
- In this podcast ACCA’s SMPs discuss how to help their clients.
- This article says that SMEs are at particular risk during this crisis and accountants are key to helping them keep afloat.
- This article says the crisis demands SMPs be strategic when dealing with clients and provides 5 steps for advising clients through the crisis.
- ACCA’s Global SME Forum shares recommendations on how they have been responding to Covid-19 in terms of running their own businesses and working with SMEs. ACCA says that “SMPs are at the forefront of supporting SMEs, best placed to help SMEs rapidly transform and adapt to the changing circumstances e.g., helping clients apply for financial support being made available by many governments.”
- This article highlights 4 moves SMPs providing consulting services should make including on marketing and leadership planning.
- This article looks at how SMPs can minimize the damage from the predicted 19% contraction worldwide in the consultancy industry's revenue in 2020.
- Tools and guidance that SMPs can use to advise their SME clients include: this online financial management toolkit that helps SMEs better manage their finances; this article that summarizes the key factors for SMEs to survive in a time of crisis; and this checklist that sets out best practices for SMEs including financial management.
- In this article US SMPs explain how they are meeting the advisory needs of their clients.
- This article outlines ways to promote the fiscal health of your team and business while responding to effects and implications of the coronavirus.
- This article explains how accountants are helping SMEs problem solve during the crisis, from managing cash flow through to accessing government financial support.
Assurance and Related Services
- This webinar recording , blog article, and Q&A look at how SMPs can conduct a remote audit. [NEW]
- This document is official guidance on auditor considerations relating to going concern in light of changing environment due to the COVID-19 pandemic. [NEW]
- This document is educational material supporting IFRS 16 and COVID-19. [NEW]
- This website hosts educational materials on the application of IFRS in the light of COVID-19. [NEW]
- This article provides guidance on adapting assurance and related service delivery due to the crisis.
- This IFAC article shares practical considerations supporting audit quality during the pandemic.
- This article explains how practitioners can adjust to the changes and deliver a high-quality audit.
- In this article learn about audit matters and auditor reporting issues related to COVID?19.
- In this article read about key auditor and audit committee considerations arising from the crisis.
- In this article learn about what the IAASB has done to help you conduct quality audits.
- This article explains COVID-19 considerations for group audit.
- This article examines impacts of COVID-19 on reporting entities and auditors.
- This statement emphasises the important areas in view of Covid-19 impact on audits of financial statements.
- The IAASB COVID-19 webpage contains useful guidance, messages and links, including to relevant national auditing standard setters (NSS) pronouncements. The IAASB has also posted the first staff alert on COVID-19 related considerations here.
- General guidance for auditors is provided here, specific guidance on audit issues is available here and joint guidance for companies (preparers) and auditors accessible here.
- This article summarizes the various challenges auditors face as they work through the coronavirus pandemic and signposts guidance on handling those challenges.
- This free webcast, led by IAASB Board Member Bob Dohrer, looks at conducting remote audits and discusses remote auditing considerations, including which areas need extra attention.
- In article Dohrer sets out going concern tips for auditors during the pandemic.
- This article describes a few ways auditors can obtain sufficient appropriate evidence of inventory / stock even when they are unable to make a physical site visit.
- In this podcast learn how auditors are addressing subsequent events, going concern considerations and inventory observation are creating challenges for CPAs during the coronavirus pandemic.
- This article provides guidance on how to adapt accounting service delivery as a result of the crisis.
- This IFAC article summarizes the financial reporting implications of the crisis including events after reporting period, going concern, fair value measurements and impairment of non-financial assets.
- This IFRS Foundation COVID-19 website provides information to help with financial reporting.
- This report highlights 10 questions entities should address to help ensure their financial statements are presented fairly.
- The IASB has published education materials to support the consistent and robust application of IFRS 9 during the current uncertain period.
- In this podcast learn how preparers are addressing subsequent events, going concern considerations and inventory observation are creating challenges for CPAs during the coronavirus pandemic.
- Guidance for companies and auditors is available here.
- This website sets out the EU’s COVID-19 tax response. [NEW]
- This article looks at the tax implications of international employment arising from the coronavirus.
- This webpage summarizes the tax measures taken by countries around the world in response to the crisis.
Last update on 30/04/2020