Recorded 23rd February 2021.

CPD Hours: 4

This seminar will cover:

• Impact of the pandemic on audit assignments. Among the matters considered will be:
  • Significance of financial year end date when considering the impact of the pandemic on financial statements.
  • Uncertainty in relation to the ability of the client company to continue as a going concern.
  • Considering the possible impairment of assets as a result of the economic consequences of the pandemic.
  • Impact of the pandemic on the ability of the auditor to obtain audit evidence.
  • Audit issues arising from the receipt by the client company of government assistance.
• Impact of Brexit on audit assignment, including audit risks to consider in companies significantly impacted by Brexit.
• Review of Compendium of Illustrative Auditor’s Reports as issued by IAASA in 2020.
• Review of Revised International Standard on Auditing (ISA) 570: Going concern.
• Review of Revised International Standard on auditing 540: Auditing Accounting Estimates and Related Disclosures.
• The Companies (Statutory Audits) Act 2018: Review of Firms obligation to establish effective procedures within the firm for employees to report relevant contraventions or suspected relevant contraventions.
• Common weaknesses in audit files.
• Actions to bring about improvements in auditing standards within the firm.