Audit data files require to mirror the challenges and uncertainties of the pandemic. Peter Herbert implies key places of target, which includes impairment, materiality, letters of assistance, COVID-19 help techniques, information and facts made by the entity and specialist scepticism.
Audit firms have been battling with the effects of the pandemic for some time and it proceeds to pose substantial worries. Among these is the autopsy phase, when audit quality from the pandemic is place under the highlight all through inside and exterior file overview procedures.
Ever more, pandemic-impacted audit documents are currently being subjected to chilly file evaluations, and documentation is a essential location of concentrate. It normally has been. This is evidenced by the results involved in ICAEW’s Audit Checking Report 2020 and before checking studies.