Audit and Assurance

This page includes both local and international information related to the implications of COVID-19 on the auditing and assurance profession, audits and audit risks.

For all other audit and assurance related support, please refer to the Assurance webpage.

South African Institute of Chartered Accountants Information

 

Nature of information

 

Information Date
SAICA resource  

SAICA FAQs: The impact of COVID-19 on audit  

 

30 April 2020
SAICA article Maintaining audit quality while auditing remotely 28 May

2020

SAICA article The impact of COVID-19 of Audit Considerations 12 June 2020
SAICA article Modification to the audit opinion explained 18 June 2020

Independent Regulatory Board for Auditors (IRBA) Communiqués and Information

Nature of information Information Date
Webpage IRBA’s COVID-dedicated webpage
Newsletter Implications of the COVID-19 outbreak on audits, audit firms and regulatory requirements 26 March 2020
Communiqué Implications of the COVID-19 outbreak on audits and auditors 20 March 2020
Newsletter Implications of the COVID-19 outbreak on audits and auditors 20 March 2020
Communiqué Response to Accountants and Auditors wanting their services to be designated as essential  1 April 2020
Communiqué General Extension on Financial Reporting Periods 3 April 2020
Communiqué The Impact of COVID-19 on the Auditor’s Report: Going Concern 16 April 2020
Newsletter The Impact of COVID-19 on the Auditor’s Report: Going Concern 16 April 2020
Communiqué COVID-19: High-Quality Audits and its Implications for Reporting Deadlines 21 April 2020
Communiqué COVID-19 and Its Impact on File Assembly (Archiving) 23 April 2020
Communiqué IRBA draws attention to the Key Audit Matters in auditor’s reports as it relates to COVID-19 18 May 2020
Communiqué IRBA lifts the suspension on the submission of second Reportable Irregularities reports 20 May 2020
Communiqué Impact on Audits Due to Covid-19: Related Publications 22 May 2020
Communiqué Different Interpretations of Permitted Services Under Alert Level 4 Lockdown Regulations 25 May 2020
Communiqué Auditors′ duty to report RIs on non-compliance with EAAB regulatory deadline of 30 June 2020 30 June 2020
Communiqué A Focus on Interim Financial Information 1 July 2020
Communiqué Impact on Audits due to COVID-19: Related Publications for Accounting Estimates and Interim Reporting 9 July 2020

Online Resources Issued by International Regulators, Standard Setters and Professional Accountancy Organisation

Organisation Nature of organisation Document Date
International Auditing and Assurance Standards Board (IAASB) International standard setter IAASB’s COVID-dedicated webpage  
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) How to report an emphasis of matter under COVID-19: a guide for auditors 5 August 2020
Chartered Accountants Australia
and New Zealand ( CA ANZ)
Professional Accountancy Organisation (PAO) Financial Reporting and Audit Guide: Financial reporting and audit issues stemming from COVID-19 4 August 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) COVID-19 and how to report an emphasis of matter 6 August 2020
International Auditing and Assurance Standards Board (IAASB) International standard setter IAASB Assists with Audit Considerations for the Impact of COVID-19 31 July 2020
International Federation of Accountants (IFAC) Accountancy profession global organisation Webinar 3 – Auditor Reporting in the Pandemic Environment and Looking Ahead: Recording & Summary of Key Takeaways 28 July 2020
Center for Audit Quality Regulator Understanding Cybersecurity and the External Audit in the COVID–19 Environment 24 July 2020
International Federation of Accountants (IFAC) Accountancy profession global organisation Webinar 2 – Performing the Audit in the Pandemic Environment: Recording & Summary of Key Takeaways 22 July 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) 2020: will audit ever be the same again? 17 July 2020
Center for Audit Quality Regulator Profession in Focus: Going Concern and COVID-19 16 July 2020
International Federation of Accountants (IFAC) Accountancy profession global organisation Webinar 1 – Planning the Audit in the Pandemic Environment: Recording & Summary of Key Takeaways 15 July 2020
Center for Audit Quality Regulator Auditor Reporting – COVID-19 Considerations 14 July 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Auditor’s reports: can auditors use an electronic signature? 13 July 2020
Malta Institute of Accountants Professional Accountancy Organisation (PAO) Communication in relation to the impact of COVID-19 on auditing – detailed 10 July 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) COVID 19: interim reporting and the auditor’s role 7 July 2020
International Auditing and Assurance Standards Board (IAASB) International standard setter Staff Audit Practice Alert: Review Engagements on Interim Financial Information 1 July 2020
International Auditing and Assurance Standards Board (IAASB) International standard setter Staff Audit Practice Alert: Auditing Accounting Estimates 26 June 2020
ICAS Professional Accountancy Organisation (PAO) COVID-19 guidance on going concern: five key areas for auditors to consider 25 June 2020
Accountancy Europe Regulator Coronavirus’ impact on ongoing audits 19 June 2020
Center for Audit Quality Regulator Goodwill Impairment Considerations in the COVID-19 Environment 19 June 2020
The Institute of Cost Accountants of India Professional Accountancy Organisation (PAO) Advisory on Auditing and Assurance assignments during the Period of Lockdown and Restrictions on Travelling 12 June 2020
International Federation of Accountants (IFAC) Accountancy profession global organisation Global Messaging to Help Inform PAO Conversations with Key Stakeholders related to COVID-19 9 June 2020
Center for Audit Quality Regulator Focus on the Auditor’s Risk Assessment 8 June 2020
International Federation of Accountants (IFAC) Accountancy profession global organisation Summary of Covid-19 Audit Considerations 3 June 2020
Australian Securities & Investments Commission (ASIC) Regulator COVID-19 implications for financial reporting and audit: Frequently asked questions (FAQs) June 2020
Chartered Accountants Worldwide (CAW) Professional Accountancy Organisation (PAO) Fraud Advisory Panel Weekly Updates on COVID-19 fraud in England & Wales 22 May 2020
Institute of Singapore Chartered Accountants
(ISCA)
Professional Accountancy Organisation (PAO) ISCA Issues New COVID-19 Technical FAQs 22 May 2020
International Auditing and Assurance Standards Board (IAASB) International standard setter Staff Audit Practice Alert: Auditor Reporting 22 May 2020
ICAS Professional Accountancy Organisation (PAO) ICAS issues guidance on going concern for directors of large private companies 20 May 2020
ACCA Professional Accountancy Organisation (PAO) ACCA launches Covid-19 audit impact report 20 May 2020
International Auditing and Assurance Standards Board (IAASB) International standard setter Staff Audit Practice Alert: Subsequent Events 15 May 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus (COVID-19) Webcast: Considerations for auditing going concern 12 May 2020
Journal of Accountancy Accountancy Journal Overcoming site visit limitations in the pandemic 8 May 2020
American Institute of CPAs
(AICPA)
Professional Accountancy Organisation (PAO) The audit committee checklist for COVID-19 5 May 2020
Accountancy Europe Regulator Coronavirus’ Impact on Auditing for 2019 Year-Ends and Beyond 5 May 2020
Center for Audit Quality Regulator Auditing Accounting Estimates in the COVID-19 Environment 4 May 2020
International Auditing and Assurance Standards Board (IAASB) International standard setter IAASB Staff Audit Practice Alert Going Concern 30 April 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus: (COVID-19): considering going concern 30 April 2020
ICAS Professional Accountancy Organisation (PAO) FRC guidance on modified audit opinions 28 April 2020
Service for Accounting, Reporting and Auditing Supervision (SARAS) Regulator  

SARAS Guidance on Audit Issues Arising from COVID-19

27 April 2020
Journal of Accountancy Accountancy Journal How auditors can test inventory without a site visit 24 April 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus (COVID-19): Accounting for and auditing revenue 21 April 2020
Financial Reporting Council (FRC) (UK) Regulator Modified Audit Opinions during Covid-19 crisis 21 April 2020
Center for Audit Quality Regulator Managing Fraud Risk, Culture, and Skepticism During COVID-19 20 April 2020
International Auditing and Assurance Standards Board (IAASB) International standard setter IAASB Technical Director Update on COVID-19 Response 17 April 2020
Chartered Accountants Australia
and New Zealand ( CA ANZ)
Professional Accountancy Organisation (PAO) Auditing in a crisis – some issues to consider 17 April 2020
Chartered Accountants Australia
and New Zealand ( CA ANZ)
Professional Accountancy Organisation (PAO) Auditing in a crisis – some issues to consider 17 April 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus: understanding audit reports 16 April 2020
Center for Audit Quality Regulator Going Concern: Management and Auditor Responsibilities 16 April 2020
The Institute of Chartered Accountants of Pakistan Professional Accountancy Organisation (PAO) The Impact of COVID-19 on Audit – A Guidance for Auditors 14 April 2020
Center for Audit Quality Regulator 10-Q considerations during COVID-19 13 April 2020
Journal of Accountancy Accountancy Journal Tips for auditing with changed controls during the pandemic 13 April 2020
Journal of Accountancy Accountancy Journal Going concern tips for auditors during the pandemic 13 April 2020
Accountancy Europe Regulator Coronavirus crisis: country responses to the implications on reporting 10 April 2020
American Institute of CPAs
(AICPA)
Professional Accountancy Organisation (PAO) Audit Matters and Auditor Reporting Issues Related to COVID‐19 9 April 2020
The Institute of Chartered Accountants of Sri Lanka Professional Accountancy Organisation (PAO) COVID-19 Pandemic: Guidance Notes on the Implications on Auditing 8 April 2020
Financial Reporting Council (FRC) (UK) Regulator Bulletin: Guidance for Auditors and matters to consider where engagements are affected by Coronavirus(COVID-19) (Now updated to include Gathering Evidence through Remote Means 9 April 2020
Center for Audit Quality Regulator CAQ COVID-19 Resource: Key Auditor and Audit Committee Considerations 8 April 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus considerations for auditors 2 April 2020
The Public Company Accounting Oversight Board (PCAOB)     Standard setter COVID-19: Reminders for Audits Nearing Completion 2 April 2020
Institut der Wirtschaftsprüfer Professional Accountancy Organisation (PAO) COVID-19 – guidance on financial reporting and auditing issues April 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus (COVID-19): Considerations for inventory audit testing April 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus considerations for auditors April 2020
Chartered Accountants Australia
and New Zealand ( CA ANZ)
Professional Accountancy Organisation (PAO)  

Your COVID-19 resources hub

Malaysian Institute of Accounts Professional Accountancy Organisation (PAO) Covid-19: Frequently Asked Questions on Auditing April 2020
International Forum of Independent Audit Regulators (IFIAR)      Regulator COVID-19 Updates 26 March 2020
The Institute of Chartered
Accountants of India
Professional Accountancy Organisation (PAO) ICAI Accounting & Auditing Advisory: Impact of Coronavirus on Financial Reporting and the Auditors Consideration March 2020
Forum of Firms        Independent association of international networks of firms Pandemic Planning – Practical Considerations Supporting Audit Quality March 2020
ICAS Professional Accountancy Organisation (PAO) Coronavirus resources
ICAS Global professional body for Chartered Accountants ICAS issues updated guidance for auditors on attendance at stocktakes during the coronavirus outbreak March 2020
Accountancy Europe Regulator Coronavirus resources for European accountants March  2020
Accountancy Europe Regulator Coronavirus crisis: implications on reporting and auditing March 2020
Australian Auditing and Assurance Standards Board (AUASB) Standard setter Additional COVID-19 FAQs for Auditors March 2020
 

Australian Accounting Standards Board (AASB) and  Auditing and Assurance Standards Board (AUASB)

Standard setter The Impact of Coronavirus on Financial Reporting and the Auditor’s Considerations AASB−AUASB JOINT FAQ March 2020
Canadian Public Accountability Board (CPAB) Regulator COVID-19 Audit Implications March 2020
Financial Reporting Council (FRC) (UK) Regulator Advice to companies & auditors on Coronavirus risk disclosures Feb 2020
Financial Reporting Council (FRC) (UK) Regulator FRC guidance for companies and auditors during Covid-19 crisis March 2020
Financial Reporting Council (FRC) (UK) Regulator FRC: Guidance on audit issues arising from the Covid-19 (Coronavirus) pandemic March 2020
Hong Kong Institute of Certified Public Accountants (HKICPA) Professional Accountancy Organisation (PAO) HKICPA Impact of Coronavirus Outbreak on Audits and Auditor Feb 2020
International Auditing and Assurance Standards Board (IAASB) International standard setter Staff Audit Alert: Highlighting Areas of Focus in an Evolving Audit Environment Due to the Impact of COVID-19 Mar 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus. Going concern and the auditor’s report March 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus Resource Hub-audit March 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus: considerations for the audit of inventory March 2020
Institute of Chartered Accountants of England and Wales (ICAEW) Professional Accountancy Organisation (PAO) Coronavirus considerations for group auditors March 2020
Journal of Accountancy Accountancy Journal How auditors can test inventory without a site visit March 2020
Journal of Accountancy Accountancy Journal How the coronavirus may affect financial reporting and auditing March 2020
Journal of Accountancy Accountancy Journal Remote auditing comes to forefront during pandemic March 2020