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FRC issues Bulletin: Guidance for auditors and matters to consider where engagements are affected by coronavirus (COVID-19)

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By James Barbour, Director, Policy Leadership

2 April 2020

Main points:

  • The FRC has issued a Bulletin for auditors, Guidance for auditors and matters to consider where engagements are affected by coronavirus (COVID-19).
  • The Bulletin is intended to help auditors deal with the emerging coronavirus situation and should not be considered to be enduring or long-term solutions.
  • It details a non-exhaustive list of factors auditors should be considering when carrying out audit engagements in the current circumstances, along with guidance on how they might be addressed.

The Financial Reporting Council (FRC) has issued a bulletin for auditors on 26 March 2020, Guidance for auditors and matters to consider where engagements are affected by coronavirus (COVID-19).

The FRC highlights that the bulletin is intended to provide guidance to auditors, carrying out audit engagements that may be affected by COVID-19 and is driven by two factors:

(i)In order to be able to give an audit opinion that is not subject to a disclaimer or qualification due to a scope limitation, the auditor must always obtain sufficient, appropriate audit evidence; and
(ii)Even in challenging times, the flow of high quality, independently assured information to support the functioning of capital markets is of fundamental importance. Reporting on audit engagements should be driven by the information needs of users of audited financial statements.

The bulletin is intended to help auditors deal with the emerging situation and should not be considered to be enduring or long-term solutions. The FRC will withdraw this bulletin when circumstances return to normal. It details a non-exhaustive list of factors auditors should be considering when carrying out audit engagements in the current circumstances, along with guidance on how they might be addressed.

The guidance covers the following areas:

  1. Acceptance and take-on of new audit engagement
  2. Planned Audit Approach
  3. Materiality
  4. Communication with Those Charged with Governance
  5. Audit Evidence, including Audit Confirmations
  6. Compliance with Laws and Regulations
  7. Going Concern
  8. Group Audits
  9. Access to Information
  10. Quality control
  11. Reporting – Key Audit Matters (when ISA (UK) 701 applies)
  12. Reporting – Scoping
  13. Reporting – Modified Opinions
  14. Subsequent Events
  15. Written Representations
  16. Professional Scepticism
  17. Partner Rotation
  18. Support to Audited Entities

Further information is provided in the FRC Bulletin.

ICAS members with queries on any technical matter relating to the current situation are advised to submit these as normal via the online portal at icas.com. If it is then deemed necessary, this might lead to a telephone discussion at a mutually convenient time with an appropriate member of the ICAS team.

ICAS issues updated guidance for auditors on attendance at stocktakes during the coronavirus outbreak

By James E Barbour CA, Director, Policy Leadership

31 March 2020

2022 06 pb 2022 06 pb
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