How auditing should reflect the pandemic

Audit files will need to reflect the worries and uncertainties of the pandemic. Peter Herbert indicates key locations of focus, like impairment, materiality, letters of assistance, COVID-19 help techniques, details made by the entity and professional scepticism.&#13

Audit corporations have been battling with the repercussions of the pandemic for some time and it continues to pose considerable problems. Among these is the autopsy section, when audit good quality from the pandemic is set underneath the highlight in the course of inside and exterior file overview processes.

More and more, pandemic-impacted audit data files are currently being subjected to chilly file assessments, and documentation is a important area of concentration. It normally has been. This is evidenced by the conclusions incorporated in ICAEW’s Audit Monitoring Report 2020  and previously monitoring studies.