ALERT - Implications of the Coronavirus (COVID-19) for pension scheme audits

Pension schemes are being adversely impacted by COVID-19 although it can be challenging to identify what needs reporting in scheme accounts and what the effects will be on your scheme audit. We provide guidance for trustees including an interactive guide that will help you navigate through assessing your scheme’s going concern.

Gettyimages 697853664 WEB
Matthew Maneely
Published: 30 Apr 2020 Updated: 13 Apr 2023


On 31 December 2019 the World Health Organisation was notified of a new, then unknown, coronavirus. This was then isolated on 7 January 2020 and the resulting disease was named as COVID-19 on 11 February 2020 and declared as a pandemic by the World Health Organisation in March 2020. This virus and the resulting disease has since travelled around the world with many countries implementing unprecedented peacetime restrictions on citizens.

There are many implications for auditors and our clients and this alert provides some guidance on how your scheme audit may be affected in the following areas:

  1. Consideration of going concern
  2. Professional scepticism
  3. Auditor attendance at client or administrator sites
  4. Consideration of impairment
  5. Other implications for financial statements
  6. Auditor reporting
  7. Reporting dates


This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.