In response to COVID-19, for auditors who are not able to review documents or count inventory due to travel restrictions, or who are unable to perform confirmation due to uncertainty of clients'' return to work, the FSC has informed auditors of the listed companies to consider possible alternative audit procedures in the auditing of 2019 annual financial reports. Auditors should design and perform alternative audit procedures based on clients'' situation and results of risk assessments, and issue appropriate audit reports accordingly.

In addition, if listed companies are unable to file 2019 annual financial reports on time, they must obtain the board''s permission to apply for an extension, propose an action plan (with CPA''s opinion on its appropriateness), and file 2019 unaudited financial statements. The applicants must apply to the FSC for an extension by 27th March, 2020.