Audit data files require to replicate the difficulties and uncertainties of the pandemic. Peter Herbert implies vital areas of focus, such as impairment, materiality, letters of assist, COVID-19 assistance techniques, information created by the entity and expert scepticism.
Audit companies have been battling with the effects of the pandemic for some time and it proceeds to pose significant troubles. Amid these is the autopsy period, when audit high-quality from the pandemic is put beneath the spotlight for the duration of internal and exterior file critique procedures.
More and more, pandemic-impacted audit files are currently being subjected to cold file testimonials, and documentation is a essential spot of aim. It generally has been. This is evidenced by the conclusions provided in ICAEW’s Audit Monitoring Report 2020 and previously monitoring reports.