Impact of Coronavirus in Preparation of Corporate Accounts and The Role of CMAs

Abstract

The impact of the pandemic Covid-19 on the world economy, financial markets and business operation of the companies in both manufacturing and service sectors are phenomenal all over the globe. Nobody knows when this devastation will be over. With the deaths of millions of people all around the world caused by this deadly virus all nations including India will have to seriously reassess and reallocate the budgetary resources for medical, public healthcare, R & D and social security which has been neglected so far.

This Article has made an attempt to highlight some of the areas where there is a need for reassessment, revaluation and modification to be made by the CMAs in preparing Annual Accounts for the year 2019-20 as also the role of Cost Auditors in this regard.