Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. global developments relating to the covid-19 pande

Global developments relating to the COVID-19 pandemic have impacted the work of auditors and continues...

50.1K

Verified Solution

Question

Accounting

image

Global developments relating to the COVID-19 pandemic have impacted the work of auditors and continues to do so in the year 2021. Uncertainty and unpredictability may create risks of material misstatement that are new or intensified. When planning the audit, auditors need to consider thes risks or may have to consider identifying risks differently. Risks include the going concern assumption regarding an entity's ability to maintain operations in the foreseeable future, which may no longer be appropriate. Auditors will still be responsible to plan and perform these audits in accordance to the Internationa Standards on Auditing however they may have to change the manner in which they obtain sufficient appropriate audit evidence on which to base the audit opinion. Required: Discuss how the COVID-19 has affected the way in which auditors may need to plan an audit. Include in your discussion how the pandemic has an: Effect on the assessment of the risk of material misstatement. Effect on the auditor's determination of materiality. Effect on the audit strategy and audit plan including the nature, timing and extent of procedures

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Presents highly accurate and appropriately detailed advice onhow to account for Step-up Bond at...

Accounting
Q

In which one pair does the first species have a higher boiling point than the second? ***...

Chemistry
Q

Explain how the Female Gametophyte development process works at a mechanistic level?

Biology
Q

Select one area of biological science and one female scientist involved in this area of science....

Biology
Q

List the 10 essential Public Health Services.

Biology
Q

6 Determine the vertex and axis of symmetry o the graphed quadratic ertex 4y Axis...

Geometry
Q

How can decomposing be used to find the area of the following polygon O Area...

Algebra
Q

The following key figures (in sh. Million) have been ex Ltd for the financial yoar...

Accounting
Q

A company has limited liability and is taxed. Why It is a

Accounting
Q

Solve for part A B and C

Accounting
Q

Problem 10-75 (LO 10-5) (Static) [The following information applies to the questions displayed below.] Last...

Accounting
Q

Kempton Enterprises has bonds outstanding with a $1,000 face value and 10 years left until...

Finance