The international audit standard setter has released guidance for auditors over completion reports
The International Audit and Assurance Standards Board (IAASB) has released Covid-19 pandemic-related guidance for auditors to consider when issuing an auditor’s report on the completion of the audit of financial statements.
The staff audit practice alert highlights potential implications for auditor and interim review reports arising from the current environment. These include:
- modifications to the auditor’s opinion due to material misstatement of the financial statements or an inability to obtain appropriate audit evidence
- material uncertainty relating to going concern
- inclusion of key audit matters (KAMs) and/or emphasis of matter (EOM) paragraphs
- reporting implications for interim review engagements, when the auditor of the financial statements is also performing the interim review.
The guidance document can be found here.
In the IAASB’s ongoing response to Covid-19, guidance related to Going Concern and Subsequent Events have also been issued, and more information and helpful links can be found on the IAASB’s Covid-19 webpage.