Audit information need to replicate the problems and uncertainties of the pandemic. Peter Herbert suggests important spots of focus, like impairment, materiality, letters of assistance, COVID-19 assist strategies, data generated by the entity and professional scepticism.
Audit corporations have been battling with the implications of the pandemic for some time and it continues to pose significant challenges. Amid these is the autopsy stage, when audit excellent from the pandemic is put under the spotlight for the duration of inside and exterior file evaluate procedures.
More and more, pandemic-impacted audit data files are getting subjected to cold file evaluations, and documentation is a crucial region of aim. It usually has been. This is evidenced by the findings provided in ICAEW’s Audit Checking Report 2020 and before monitoring reports.