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Topics and tips for 2021 audits

Peter Herbert gives tips for auditors on handling revisions to international auditing standards (ISAs) on going concern and accounting estimates, new ethical standard requirements on long association, new advice on reporting on irregularities and, of course, the effects of COVID-19.

The year ahead is going to be a tough one for many auditors. The impact of the COVID-19 pandemic on financial reporting and auditing is sure to roll on throughout 2021, and there are also revisions to international auditing standards (ISAs) to be considered in relation to accounting estimates, going concern and audit reports.

With so much change and uncertainty around, it may feel like a perfect storm for smaller audit firms; there are definitely plenty of interesting challenges. A number of these were discussed during the November 2020 webinar I presented for the faculty on hot topics for 2021 audits. A recording of this is available.