IAASB addresses pandemic issues in audit practice alert.....!

The International Auditing and Assurance Standards Board (IAASB) published a staff audit practice alert Friday that is designed to highlight key areas of focus for auditor reporting related to the coronavirus pandemic.

The alert highlights potential implications for auditor and interim review reports related to the pandemic that include:

  • Modifications to the auditor’s opinion due to material misstatement of the financial statements or an inability to obtain sufficient appropriate evidence.
  • Material uncertainty related to going concerned.
  • Inclusion of key audit matters and/or emphasis-of-matter paragraphs.
  • Reporting implications for interim review engagements when the auditor of the financial statements also is performing the interim review.

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