20 March 2020: the Financial Reporting Council has issued updated guidance for auditors following the outbreak of the Covid-19 pandemic, calling for particular attention on areas including going concern and the gathering of audit evidence.
Coronavirus and audit
As travel bans emerge as a result of coronavirus (COVID-19), concerns for auditors are growing.
17 March 2020: ICAEW’s Technical Advisory Service considers the potential impact of coronavirus on going concern and the auditor’s report.
3 March 2020: the spread of coronavirus is disrupting global markets and affecting company operations, supply chains and staffing. This has implications for the work of group auditors. ICAEW has issued guidance to help firms address the challenges, writes Penny Sukhraj.
This guide is designed for UK group auditors with component auditors based in jurisdictions impacted by Coronavirus (COVID-19). It offers practical considerations in relation to the work of component auditors to address the requirements in ISAs (UK). It may also be relevant for group auditors in other jurisdictions with similar requirements.
FRC Bulletin: Guidance for auditors and matters to consider where engagements are affected by coronavirus (COVID-19)
Guidance published by the FRC providing a list of factors that auditors should be considering when carrying out audit engagements in the current circumstances, along with guidance on how they might be addressed. The bulletin covers acceptance and take-on of new audit engagements, planned audit approach, materiality, communication with those charged with governance, audit evidence, compliance with laws and regulations, going concern, group audits, access to information, quality control, key audit matters, scoping, modified opinions, subsequent events, written representations, professional scepticism, partner rotation, and ethical matters.
FRC guidance on audit issues arising from the Covid-19 (Coronavirus) pandemic.
Financial Reporting Council (FRC) guidance for companies on disclosure of risks and other reporting consequences arising from the emergence and spread of Coronavirus (COVID-19).