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Coronavirus and audit

Learn about the auditing implications of the Coronavirus (COVID-19) pandemic.

ICAEW is working hard to share practical know-how with members in these unprecedented times. If you have additional questions or concerns not covered by current ICAEW guidance, please let us know by emailing the Audit and Assurance Faculty at tdaf@icaew.com or by completing this form.

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ICAEW guides and FAQs

Coronavirus (COVID-19): Introducing reverse stress testing

The COVID-19 pandemic has raised many questions about the viability of existing business models. Boards will in many cases need to revisit risk assessments and going concern assessments developed prior to the pandemic. Reverse stress testing is one technique entities can use to identify gaps in their risk management and vulnerabilities in their business models.

Coronavirus considering going concern

The Audit and Assurance Faculty have produced this two part guide for auditors, covering COVID-19 considerations for auditing going concern, and how to report when a material uncertainty relating to going concern exists.

Coronavirus (COVID-19): Considerations for group auditors

This ICAEW Know-How article was created by the Audit and Assurance Faculty. It offers practical considerations in relation to the work of component auditors in light of coronavirus (COVID-19) to address the requirements in ISAs (UK). It may also be relevant for group auditors in other jurisdictions.

ICAEW Insights

ICAEW webcasts and webinars

Coronavirus considerations for auditors

ICAEW’s Audit and Assurance Faculty shares a recording of its recent webcast looking at the challenges faced by auditors due to the spread of coronavirus: attendance at client sites, stocktakes, valuations, group audits and reporting dates.

UK regulatory guidance

Modifications of Independent Auditor's Opinions and Reports

The FRC has published further guidance on modified auditors' opinions and reports during the coronavirus crisis. The guidance summarises when audit opinions may be modified as a qualified opinion, adverse opinion or disclaimer of opinion. It also lists additional disclosures in the Independent Auditor;s Report which are not modifications of the opinion.

International guidance

European guidance

ESMA promotes coordinated action regarding benchmarks external audit requirements

Public statement from the European Securities and Markets Authority (ESMA) commenting on the timeliness of fulfilling the external audit requirements for interest rate benchmark administrators and contributors. ESMA expects National Competent Authorities (NCAs) not to prioritise supervisory actions against administrators and supervised contributors relating to the timeliness of fulfilling those audit requirements where the audits are carried out by 30 September 2020.

Coronavirus crisis: implications on reporting and auditing

Publication from Accountancy Europe discussing the effects on accounting and reporting for companies as of 31 December 2019 and for companies with year-ends in 2020, effects on auditing financial statements as of 31 December 2019 and beyond, and practical implications for the audit of financial statements.

Other external resources

Webinar on performing remote audits

Grant Thornton and other leading firms share insights and practical examples of how they perform remote audits via this free webinar. Topics will include client collaboration, project management, access to client system data, audit testing techniques, impactful client reports and winning new fee income.

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