Audit data files need to mirror the challenges and uncertainties of the pandemic. Peter Herbert suggests key areas of concentration, like impairment, materiality, letters of help, COVID-19 support schemes, details made by the entity and experienced scepticism.
Audit firms have been battling with the consequences of the pandemic for some time and it carries on to pose significant troubles. Amongst these is the autopsy section, when audit high-quality from the pandemic is put below the highlight during interior and exterior file critique procedures.
Significantly, pandemic-impacted audit documents are being subjected to cold file reviews, and documentation is a crucial place of target. It normally has been. This is evidenced by the results involved in ICAEW’s Audit Monitoring Report 2020 and before checking stories.