Credit ratings and COVID-19
Credit referencing and ratings are being influenced by pandemic-related factors, giving SME companies and their auditors plenty to think about. Both financial statements and predictive data are used, but are audit reports being interpreted correctly?
As we enter the next phase of the pandemic, businesses of all shapes and sizes are looking nervously at their credit scores and wondering how they have been affected by the economic and business challenges and uncertainties of COVID-19.
There are many questions to ponder. What information is being used by credit reference agencies? Do they all take the same approach to credit scoring? Are government support measures having an impact? What about extensions to filing deadlines, material uncertainty paragraphs related to going concern in audit reports, or data about directors? The list of examples goes on and on.
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