Audit files need to replicate the troubles and uncertainties of the pandemic. Peter Herbert suggests vital regions of target, like impairment, materiality, letters of guidance, COVID-19 guidance strategies, details generated by the entity and expert scepticism.
Audit companies have been battling with the repercussions of the pandemic for some time and it continues to pose sizeable difficulties. Amid these is the autopsy stage, when audit high quality from the pandemic is set under the highlight during inside and external file overview procedures.
Ever more, pandemic-impacted audit information are staying subjected to chilly file reviews, and documentation is a essential place of concentration. It generally has been. This is evidenced by the conclusions incorporated in ICAEW’s Audit Monitoring Report 2020 and earlier checking studies.