April 25, 2024


Make Every Business

How auditing should reflect the pandemic

Audit information require to reflect the problems and uncertainties of the pandemic. Peter Herbert suggests vital places of emphasis, such as impairment, materiality, letters of assistance, COVID-19 support strategies, information and facts generated by the entity and qualified scepticism.&#13

Audit companies have been battling with the consequences of the pandemic for some time and it proceeds to pose important troubles. Between these is the autopsy phase, when audit good quality from the pandemic is put less than the spotlight in the course of inside and exterior file evaluate procedures.Recording pandemic times

Significantly, pandemic-impacted audit data files are becoming subjected to cold file assessments, and documentation is a critical place of concentrate. It usually has been. This is evidenced by the conclusions integrated in ICAEW’s Audit Monitoring Report 2020  and previously checking stories.