
Audit information will need to mirror the challenges and uncertainties of the pandemic. Peter Herbert suggests essential regions of focus, like impairment, materiality, letters of aid, COVID-19 assistance strategies, information and facts produced by the entity and qualified scepticism.
Audit corporations have been battling with the outcomes of the pandemic for some time and it proceeds to pose major issues. Between these is the autopsy stage, when audit good quality from the pandemic is put under the highlight all through inner and exterior file evaluation procedures.
More and more, pandemic-impacted audit information are currently being subjected to cold file evaluations, and documentation is a crucial location of target. It normally has been. This is evidenced by the conclusions incorporated in ICAEW’s Audit Checking Report 2020 and earlier monitoring stories.