First reported to the World Health Organisation as an unknown virus in late December 2019, coronavirus/COVID19 developments throughout 2020 are causing great uncertainty for the global economy. This uncertainty is creating risks that entities may not have encountered before, and gives rise to new and rapidly changing conditions that auditors may not have previously encountered. What impediments do travel restrictions present to the performance of the audit? And what COVID19 considerations would management take into account when determining whether its business is still a going concern?

Answer rating: 100% (QA)

1 Under such testing circumstances the ability of reporting entities and auditors to communicate in a proactive and effective manner with each other i... View the full answer