How auditing should reflect the pandemic

Audit information will need to replicate the difficulties and uncertainties of the pandemic. Peter Herbert suggests key parts of concentrate, which include impairment, materiality, letters of assistance, COVID-19 assistance strategies, info made by the entity and expert scepticism.
Audit firms have been battling with the consequences of the pandemic for some time and it carries on to pose major worries. Amongst these is the autopsy phase, when audit excellent from the pandemic is put under the spotlight for the duration of internal and external file overview procedures.
Significantly, pandemic-impacted audit files are remaining subjected to chilly file testimonials, and documentation is a key spot of focus. It usually has been. This is evidenced by the findings included in ICAEW’s Audit Monitoring Report 2020 and before monitoring studies.