PODCAST | Managing Business Disruption and COVID-19

Published on: 03/25/2020 By: Gorfine, Schiller & Gardyn

Alan Stein, a Director of Audit and Accounting Services at GSG, explains how companies can best manage business disruption in today’s uncertain climate.

As the novel coronavirus (COVID-19) outbreak continues, companies across the globe are learning how to handle daily business obstacles. While the scope of damage is unknown, it is evident that businesses will be suffering economic repercussions as a result of the rapid spread of the virus.

GSG’s latest podcast provides guidance for companies when dealing with disruption, including:

  • Impacts from an auditing perspective, including financial reporting matters
  • What companies should know when it comes to financial statements, going concern, and being prepared for business interruption
  • The importance of including your accountants in any strategic discussions when it comes to developing business disruption plans

It’s important for businesses to take the necessary auditing and accounting measures now in order to help minimize future challenges. While there is no way to see into the future, thinking ahead and learning from the past can make a big difference. Sometimes it can help to get advice from experts and folks who have dealt with these types of disruptions in past.

For more information and questions regarding the auditing and accounting financial impact of the coronavirus, contact us.

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