The COVID-19 pandemic is a challenging obstacle for auditors (Illuzzi, Landes, & Groskopf, 2020). Due...
90.2K
Verified Solution
Link Copied!
Question
Accounting
The COVID-19 pandemic is a challenging obstacle for auditors (Illuzzi, Landes, & Groskopf, 2020). Due to travel restrictions, auditors cannot assess physical inventories (Illuzzi et al., 2020). The AICPAs Center for Plain English Accounting issued a report on COVID-19 challenges (Illuzzi et al., 2020). In some cases, camera systems and live video feeds are useful solutions for virtual attendance at inventory counts; however, a scope limitation is a potential when audit risks cannot be reduced to an acceptable level using alternative options (Illuzzi et al., 2020).
What are other potential auditing challenges arising from the COVID-19 pandemic highlighted in the report?
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!
