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Brexit and audit

Considerations on Brexit

Here’s some more:

We are approaching the 31 December when it is looking increasingly likely that the UK will exit on a no-deal so far as trade agreements are concerned. This is likely to be a major issue, for businesses needing imports as well as businesses which export. However, the issue is wider with possible consequential impact. What export documents do your clients need? Have they considered the full ramifications?

It seems really important to raise this issue and ask them what they believe the issues will be and how they are project managing them?

It seems particularly important to consider the impact of that when assessing their going concern projections – after all, they may believe their business future is good, but if they have failed to take into account relevant issues which impact on their business, that good projection might be invalid.

Discussions with clients (and consideration and critically documentation); and review of projections (and consideration and critically documentation) seems to be key.

This is in our view a key issue for audits until the future of the UK in terms of trade deals is certain.