THE AUDIT IMPLICATION OF COVID 19
The COVID-19 pandemic has disrupted life around the world, but business, in altered fashion, goes on. Companies will have to report on their operations, financial condition, and cash flows during this crisis, and those reports will have to be audited. The author details considerations management and auditors will need to take when preparing and auditing financial statements. The unprecedented current situation caused by Covid-19, has disrupted most professions across the globe with accounting and auditing being no exception. Mandatory lockdown measures were imposed by governments to control the spread of the virus, with individuals having to work from home where possible. For auditors, this means they can no longer travel to audited entity premises, nor even to their own offices and that their audits will have to be completed remotely. If there is a positive side to this significant challenge for auditors, it is that the audit profession was already on a journey to becoming m...