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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: determining materiality

COVID-19 is having a profound effect on many businesses and we can expect to see this continue into future financial reporting periods. Whether businesses are experiencing a temporary downturn as a result, or more radical changes, COVID-19 is likely to impact how materiality in audits is determined by auditors and the choice of benchmarks used.

Remote auditing frequently asked questions

This Know-How Guide from ICAEW’s Audit and Assurance Faculty considers a selection of frequently asked questions about auditing remotely in light of the coronavirus pandemic. It may be updated or extended from time to time in response to events and member feedback.

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

ICAEW webcasts and webinars

Common Covid-19 audit issues

Join Kirsty Jones, Professional Consultant, Technical Advisory Services and Michelle Cardwell, Technical Manager, Audit and Assurance Faculty, as they discuss comment COVID-19 audit issues.

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

FRC's review of firms' audit of going concern assessments

FRC review of going concern assessments performed by the seven largest UK audit firms, highlighting best practice in a number of key areas relating to policies and procedures implemented in response to COVID-19 related risks.

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.

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