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Carry on Auditing: How Brexit could impact auditing

The auditor and management need to carefully assess the potential impacts of Brexit, says Geoff Swales

I recently recorded a webinar on Brexit-related audit considerations with Sophie Campkin and Katharine Bagshaw from the Audit & Assurance Faculty. We discussed the audit considerations of the UK leaving the EU without a deal.

At the time of writing this article, there remains considerable uncertainty regarding Brexit. But, whatever the outcome, it seems inevitable that there will be risks and opportunities for many entities that could be significant to their operations. And, as a result, there will be potential impacts for financial reporting in the coming months that management and the auditor will need to assess carefully.