Audit data files require to reflect the problems and uncertainties of the pandemic. Peter Herbert indicates vital places of aim, like impairment, materiality, letters of aid, COVID-19 assistance strategies, information made by the entity and skilled scepticism.
Audit firms have been battling with the effects of the pandemic for some time and it continues to pose major troubles. Among these is the autopsy stage, when audit high-quality from the pandemic is set underneath the highlight during interior and exterior file assessment processes.
Significantly, pandemic-impacted audit information are becoming subjected to cold file opinions, and documentation is a critical spot of target. It constantly has been. This is evidenced by the results incorporated in ICAEW’s Audit Checking Report 2020 and earlier checking experiences.