On 7 April 2020 the Authority issued a press release which set out extensions to certain requirements for submission of Audited Financial Statements, Audit Confirmations and Annual Compliance Returns for regulated entities and certain changes to quarterly financial resource returns.
These extensions were put in place at the start of the COVID-19 lockdown in recognition of practical issues with completing audit work remotely and technical difficulties in assessing the impact of the pandemic on Audited Financial Statements and in providing Audit Confirmations (including Management Letters) until COVID-19 approaches to disclosures were agreed by the audit industry.
There are now agreed approaches to all of the above and as such the Authority is reverting to the standard requirements for financial year ends ending on, or after, 1 October 2020. It is expected that the majority of regulated entities will be able meet these standard deadlines.
Where there are anticipated problems in meeting the standard submission deadlines regulated entities should approach their normal contacts at the Authority at an early stage to discuss the issue.