The last few weeks have seen a huge upheaval as organisations respond to the coronavrius (COVID-19) crisis. In these uncertain times, many Heads of Internal Audit and Chairs of Audit Committees may be wondering how their internal audit function can remain effective and relevant.
Fraud in the UK
Business Secretary, Alok Sharma, announced on 28 March proposed changes to the UK’s insolvency regime in response to the disruption caused by the Coronavirus (COVID-19) pandemic. Although details have still to be released, these changes will include:
On 26 March, the government unveiled a new package of measures to support the UK’s 5 million self-employed workers: the ‘Self-Employed Income Support Scheme’.
The move follows considerable public and political pressure that has been building since the Chancellor announced the ‘Coronavirus Job Retention Scheme’ for employees last week. More details on that scheme will be announced later this evening.
UPDATED 6 APRIL 2020
Many of our clients and contacts are asking us for further advice and support in relation to the government’s ‘Coronavirus Job Retention Scheme’.
As a result, we have created this FAQ document to highlight certain key aspects of the Scheme.
The government announced some additional details regarding the operation of the scheme on 4 April, so we have updated this document accordingly – our priority is to continue to update and support you during this difficult time.
The FCA announced on 21 March 2020 that it is writing to companies intending to publish preliminary financial statements in the next few days to delay their planned publications.
The Chancellor on Friday evening announced a significant rescue package for businesses struggling with the impact of the coronavirus (COVID-19) pandemic.
The latest measures build on the announcement earlier in the week of £330 billion in loans, business rates holidays and grants.
At the time, we pointed out that businesses urgently needed more information on how to access the loans and stronger financial incentives to retain employees at a time when their trading outlook was deteriorating rapidly. Friday’s announcement goes some way to addressing these issues.
The Chancellor recently unveiled £330 billion of government backed and guaranteed loans on ‘attractive terms’ for any business that needs cash to pay rent or salaries etc.
This funding is available in two main schemes, both of which are now active: