Audit documents need to have to replicate the worries and uncertainties of the pandemic. Peter Herbert indicates vital spots of target, like impairment, materiality, letters of guidance, COVID-19 assist techniques, information and facts developed by the entity and skilled scepticism.
Audit firms have been battling with the effects of the pandemic for some time and it proceeds to pose significant issues. Between these is the autopsy section, when audit good quality from the pandemic is set beneath the highlight in the course of inner and exterior file critique processes.
Ever more, pandemic-impacted audit documents are getting subjected to cold file testimonials, and documentation is a critical space of emphasis. It normally has been. This is evidenced by the conclusions integrated in ICAEW’s Audit Monitoring Report 2020 and earlier monitoring reports.