Audit information will need to mirror the issues and uncertainties of the pandemic. Peter Herbert suggests key parts of concentrate, like impairment, materiality, letters of guidance, COVID-19 guidance techniques, data manufactured by the entity and professional scepticism.
Audit companies have been battling with the implications of the pandemic for some time and it continues to pose substantial worries. Amid these is the autopsy period, when audit quality from the pandemic is place below the spotlight during inside and exterior file review procedures.
More and more, pandemic-impacted audit data files are staying subjected to cold file testimonials, and documentation is a key location of concentrate. It often has been. This is evidenced by the findings incorporated in ICAEW’s Audit Monitoring Report 2020 and before checking experiences.