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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

COVID 19: interim reporting and the auditor’s role

Interim reporting by listed companies will be of particular interest in 2020 to a range of stakeholders, including investors and other users of company accounts who want to understand the impact of COVID-19 on business performance and prospects. This guide developed by ICAEW’s Audit and Assurance Faculty is designed to help users to better understand the role of auditors in relation to such interim reports.

ICAEW Insights

COVID 19: interim reporting and the auditor’s role

Interim reporting by listed companies will be of particular interest in 2020 to a range of stakeholders, including investors and other users of company accounts who want to understand the impact of COVID-19 on business performance and prospects. This guide developed by ICAEW’s Audit and Assurance Faculty is designed to help users to better understand the role of auditors in relation to such interim reports.

Preparing financial statements

Financial statements are prepared on basis that a business will continue to operate for the foreseeable future ie, that it is a going concern. Our guidance outlines who is responsible for ensuring that the going concern basis is appropriate, offers practical advice on how to make this assessment, and explains the implications for the accounts.

Auditing going concern

Auditors test the appropriateness of the use of the going concern basis for financial statements. Our guidance outlines auditor responsibilities for testing going concern, offers practical advice on testing, and explains the implications for the audit report.

ICAEW webcasts and webinars

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

IFAC: Summary of Covid-19 Audit Considerations

Resources from IFAC collecting together guidance on key audit challenges and implications from COVID-19 on professional judgment and professional skepticism, planning‒risk identification and assessment, audit evidence, auditing accounting estimates, going concern, auditor reporting, and subsequent events. It also includes links to general resources from national bodies and regulators.

European guidance

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

IFAC Weekly Webinar Series

Free webinars focusing on practical audit quality considerations hosted by IFAC starting from 9 July 2020. The series looks at audit planning, audit execution, and auditor reporting in the coronavirus pandemic environment.

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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