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Remote auditing – remote team working

The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on remote team working, quality control and IT security.

Many of the quality control requirements of ISQC 1 and ISA 220 will be met through virtual discussions, meetings and file access. Auditors need to think about how to maintain and document compliance with all quality control requirements, none of which have changed, regardless of whether audits, or inspections of audit firms, are conducted on-site or remotely.

For example, firms are taking different approaches to consultation on audit reports, depending on the nature of the entities they audit. Some, particularly those with a large portfolio of smaller listed entities, may require consultation if no modification to the audit report is required. Clear documentation of any revised approach, clear communication within the firm and evidence of compliance are all necessary.